Whoever wins will have a large tax bill. Still a good deal, but I don’t think I could afford the tax I’d have to pay on the 3 million “income”.
But why not just auction it off again, say for $5/ticket. You'd clear your taxes due, easily.
$60 grand per year in a tax bill. Plus the homeowners insurance will be about $25K.
If I won the first thing I would argue is that is wasnt worth 3 mil.
Don’t know when gain would be realized either.