When it became obvious that most winners were unable to keep their prizes, many opted to take the cash option HGTV began offering. In lieu of taking title to the HGTV Dream Home 2021 (and the contents of the HGTV Dream Home 2021), the Grand Prize Winner will have the option of receiving Seven Hundred and Fifty Thousand Dollars ($750,000) in cash (the “Cash Option”). I like the house and the location. Rennie lives in Shelton, Conn. David Rennie, the winner of the 2016 HGTV Dream Homeon Merritt Island, accepted the $1.2 million cash option in lieu of the $1.7 million grand prize, RE/MAX 2000 Realtor Rhonda Pavone told FLORIDA TODAY. I wouldn't mind having a summer home there. According to Vocativ the grand prize is usually a cash award of $250,000 in addition to a car and the home, which is worth over $1 million. The bottom floor of HGTV Dream Home 2021 with lively sky-blue walls and good natural light offers the perfect space for casual entertaining, playing games, and enjoying an easy connection with the spectacular property outside. Sangalang is FLORIDA TODAY's entertainment reporter and Nerdgirl columnist. Pavone, who helped find the home for HGTV for the network's 20th anniversary, will host a broker open house next week, meaning it will only be open to realtors and not the public. Actual value of HGTV Dream Home 2020 depends on market fluctuations. Original story, posted April 20: He took the cash option. According to Country Living, of the 21 people who won HGTV dream homes over the history of the contest, only six have stayed living in the house for more than a year. The latest lucky winner of cable network HGTV's Dream Home 2019 contest is Beverly Fulkerson, a former preschool teacher from Osgood, Indiana. (2018′s Dream Home winner took a lump cash option in lieu of the house.) David Rennie, the winner of the 2016 HGTV Dream Home on Merritt Island, accepted the $1.2 million cash option in lieu of the $1.7 million grand prize, … David Rennie, the winner of the 2016 HGTV Dream Home on Merritt Island, accepted the $1.2 million cash option in lieu of the $1.7 million grand prize, … Everyone wants to live the dream of owning their own ‘dream home,’ but either way, for every winner it’s a dream come true.”. Actual value of HGTV Dream Home 2021 depends on market fluctuations. Follow Jennifer Sangalang on Twitter: @byjensangalang. In March, HGTV personality Tiffany Brooks surprised Rennie at his church with news that, out of 127 million entries, he won the 2016 HGTV Dream Home. An HGTV Waterfront Dream Home in Newport, RI including home furnishings, $250,000, and a 2021 Freedom Elite RV OR the winner can elect $750,000 instead of home and will still receive the $250K and RV. That means the federal income-tax you'll have to pay is a whopping $700,000. Newport, Rhode Island is the home of the 2021 HGTV Dream Home, a charming waterfront retreat located in Newport, Rhode Island. Because he took the cash option, Rennie gets $900,000, the car and the boat. I’d probably take the house, buckle down and keep it in mint condition but live in it for two years as my primary residence and then sell it to take advantage of the tax exemption of $500,000 (if married… $250k if single). The grand prize included a $1.3 million Merritt Island riverfront home, $250,000 in cash, a 2016 GMC Acadia Denali, and a 2016 Bryant Sperenza boat. The Dream Home grand prize—typically $250,000 in cash, a car, and sometimes a boat, in addition to the home itself, usually valued at $1 million or more—comes with a federal income-tax bill of about $700,000, according to an analysis by Vocativ, plus state income and real-estate taxes that vary by location. Past winners of the show have opened up about what happens after they get the coveted prize. Others sold their prize homes, often back to their builders, and rarely at full value. The winner of the sweepstakes, Crystal Harriman, of Poulsbo, Wash., decided not to keep the 1,300-square-foot, two-bedroom bungalow after she won the HGTV Urban Oasis Giveaway 2015. “The winner decided to take the cash prize and walk away from the house,” Pavone said in a text message. The grand prize included a $1.3 million Merritt Island riverfront home, $250,000 in cash, a 2016 GMC Acadia Denali, and a 2016 Bryant Sperenza boat. Because he took the cash option, Rennie gets $900,000, the car and the boat. Since the winnings are considered income, Uncle Sam wants his cut. In lieu of taking title to the HGTV Dream Home 2021 (and the contents of the HGTV Dream Home 2021), the Grand Prize Winner will have the option of receiving Seven Hundred and Fifty Thousand Dollars ($750,000) in cash (the “Cash Option”). It’s really a very personal decision, and each winner must decide what makes the most sense for them and their family at that moment in time. "I just don't know if I'm prepared to take that kind of risk and wipe everything out to have to have a second house.". Flynn filmed a segment with Brooks and Rennie last week at the home for the big reveal. The home appears to come with $250,000 cash and a motor home. Publisher: hgtv.com. MELBOURNE, Fla. — He took the cash option. Earlier this week, Rennie told FLORIDA TODAY that he was meeting with his tax attorney, accountant, financial adviser and his wife to "hash it all out. It's a possibility that I have enough money in my savings to do it," he said. Each year, HGTV gives people a chance to win the prize of a lifetime: an actual dream home designed by HGTV. Taxes, mostly. In lieu of taking title to the HGTV Dream Home 2021 (and the contents of the HGTV Dream Home 2021), the Grand Prize Winner will have the option of receiving $750,000 in cash. In an email to FLORIDA TODAY, HGTV said the “Dream Home” special already is in production and “in these specials, the focal point is the home itself as our viewers get a close-up look at the beauty and design of the house, as well as Mr. Rennie’s reaction to his prize. Aside from, you know, winning more than $1 million in cash and prizes, one of the big perks for HGTV Dream Home Giveaways is the so-called "Winner's Weekend." What’s the Problem With Dream Homes, Anyway? Rennie, a kidney transplant recipient, details his HGTV Dream Home experience — including the surprise, the reveal and even TV makeup — in his blog, Dave's Dialysis Diary. 8 User(s) have voted. MELBOURNE, Fla. — He took the cash option. The house will be listed for sale, fully furnished, by next week. The house will be listed for sale, fully furnished, by next week. This is why to most of the participants on Dream Home rather choose the cash price and vehicle instead of their dream mansion. If Grand Prize Winner elects to take the Cash Option, the Grand Prize Winner will forfeit the HGTV Dream Home 2021, but will still … Pavone said a price tag for the 3,150-square-foot riverfront home on South Merritt Island has not been determined. If a lottery winner has the option of choosing a dream house worth $2.2 million or a cash amount of $1.5 million, which is a better option? Is there a cash option for the 2021 HGTC Dream Home? In the past years, HGTV has often offered Dream Home winners two options: Take possession of the house or accept a large cash prize along with the other perks of winning (usually a vehicle, cash, furnishings, and artwork). Pavone, who helped find the home for HGTV for the network's 20th anniversary, will host a broker open house next week, meaning it will only be open to realtors and not the public. In the 2016 HGTV Dream Home Giveaway, USA Today reported that winner David Rennie opted for a $1.2 million cash option, $5 million less than what the prize was worth. David Rennie’s decision to take the cash will not affect the “HGTV Dream Home 2016” episode, which will air at 1 p.m. May 27. Six Spokane breweries compete against each other in 2021 winter brew-off, Judge rules in favor of Medical Lake Cemetery in appeal against Spokane Gun Club, What inspired Joel Myers to become a meteorologist, Super Bowl NFL Experience held outside in warm weather, Tom Brady Super Bowl ad jokingly reveals real reason he joined Tampa Bay, Meet the 70 adorable stars of Puppy Bowl 2021. 'Tireless advocate for kids': Woman killed by fallen tree in Spokane was Shriners Hospital pediatrician Rennie lives in Shelton, Connecticut. Regardless of his ultimate decision, he is still the HGTV Dream Home 2016 winner, and people get to share in his joy as he receives the keys and looks around the house for the first time.”. Category: Cash-Sweepstakes HGTV Home and Garden SUVs. Enter to win the HGTV® Dream Home 2021, $250,000 from Rocket Mortgage® and a 2021 motorhome from Camping World. Your California Privacy Rights / Privacy Policy. David Rennie, the winner of the 2016 HGTV Dream Home on Merritt Island, accepted the $1.2 million cash option in lieu of the $1.7 million grand prize, RE/MAX 2000 Realtor Rhonda Pavone told Florida Today. MELBOURNE, Fla. — He took the cash option. How many HGTV winners have kept the house? David Rennie, the winner of the 2016 HGTV Dream Home on Merritt Island, accepted the $1.2 million cash option in lieu of the $1.7 million grand prize, RE/MAX 2000 Realtor Rhonda Pavone told FLORIDA TODAY. One year later: Newport News police officers and community celebrate the life of Officer Katie Thyne In March, HGTV personality Tiffany Brooks surprised Rennie at his church with news that, out of 127 million entries, he won the 2016 HGTV Dream Home. Rennie, a kidney transplant recipient, details his HGTV Dream Home experience — including the surprise, the reveal and even TV makeup — in his blog, Dave's Dialysis Diary. "I just don't know if I'm prepared to take that kind of risk and wipe everything out to have to have a second house.". That's a measly 28% of the winners. Winning the “Dream Home” currently being built in Portsmouth through the annual HGTV sweepstakes may not be all it’s cracked up to be.. Laura Martin of Boise, Idaho, was stunned when she was bombarded at work by TV host John Gidding and notified she had won a 3,200-square-foot home with three bedrooms and 3½ bathrooms situated minutes from Lake … In lieu of accepting the 2021 HGTV Dream Home, the Motorhome and the cash from Rocket Mortage, the Grand Prize Winner will have the option of receiving $750,000 cash … Pavone said a price tag for the 3,150-square-foot riverfront home on South Merritt Island has not been determined. Details. Note: In lieu of taking title to the HGTV Dream Home 2020 (and the contents of the HGTV Dream Home 2020), the Grand Prize Winner will have the option of receiving $750,000 in cash. Rate it - Average User Rating: 4. In addition to the Merritt Island riverfront home, there's another HGTV home for sale. I would probably have to sell it after I vacationed there a few times because the tax man cometh. MELBOURNE, Fla. — He took the cash option. MELBOURNE, Fla. — He took the cash option. It's a possibility that I have enough money in my savings to do it," he said. It'll be hosted by HGTV personality Tiffany Brooks, who surprised Rennie with news that he won the sweepstakes at his church in Connecticut in March. Maine’s first mass COVID-19 vaccination center opens in Bangor David Rennie, the winner of the 2016 HGTV Dream Home on Merritt Island, accepted the $1.2 million cash option in … The costs of maintaining a luxury property, requiring much money and energy, makes it a better option. Flynn filmed a segment with Brooks and Rennie last week at the home for the big reveal. And often, so … Brooks then filmed a segment with the Rennie family on Merritt Island on April 15 for the big reveal. Login to track your entries (and much more) All rights reserved. Earlier this week, Rennie told Florida Today that he was meeting with his tax attorney, accountant, financial adviser and his wife to "hash it all out. Like the 2016 HGTV Dream Home, the HGTV Urban Oasis home was designed by designer Bryan Patrick Flynn. According to HGTV, “Some winners decide to keep the home and some take the cash option. An HGTV Urban Oasis home at 17 Russell St., West Asheville, N.C., is on the market for $490,000, the Citizen-Times in Asheville (N.C.) reports. Designed by Brian Patrick Flynn, the house features water views, a grand staircase, nautical decor and a bold color scheme. Notifications can be turned off anytime in the browser settings. The decor and furnishings are to my liking, especially, if free. "The winner decided to take the cash prize and walk away from the house," Pavone said in a text message. There’s still time to enter to win the 2019 HGTV Dream Home, located in Whitefish Lake, Montana. In lieu of taking title to the HGTV Dream Home 2021 (and the contents of the HGTV Dream Home 2021), the Grand Prize Winner will have the option of receiving Seven Hundred and Fifty Thousand Dollars ($750,000) in cash (the “Cash Option”). ARV: $2,081,489. "The winner decided to take the cash prize and walk away from the house," Pavone said in a text message. © 2021 www.floridatoday.com. Favorites View Sweepstake. Rhode Island is beautiful. 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