Former millionaire raffles off million dollar villa

Innsbruck - Karl Rabeder made world headlines earlier this year when he said his millions made his life miserable, promising to give away his money.

He has been giving away his money to charity ever since, making good on his promise. The Austrian, who worked his entire life to amass his fortune, only to find that money wasn't the magic bullet for life's problems after all, has been living in a small apartment in Innsbruck, reported the Austrian Independent, having vacated his luxury villa. Rabeder raffled off his villa, and the lucky winner is an unnamed 49-year-old woman, reported Metro. The mountain-side house is worth over $1 million. The mansion, which has 321 m² of living space, sitting on 2711 m² of land, comes fully furnished. But Rabeder has recognized that in today's world, access to money does make a difference for people, especially those living in dire poverty. Lack of access to resources, such as appropriate food, health care and education can mean that the poor will always struggle just to survive, often having to cope with systemic illnesses related to poverty. So Rabeder has launched a microcredit organization that will assist low income people in South America. The proceeds from his luxury villa raffle, which saw almost 22,000 tickets sold at £82 each, will go towards the microcredit organization, according to Rabeder's website. Last year Rabeder said his personal goal was to live on 1,000 Euros a month, while his microcredit project aims to help at least one orphanage in South America to grow food.