Millionaire Austrian raffles away his lifestyle

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Karl Rabeder, 47, is selling his properties and possessions and will donate the cash to charities, including to victims of the Haiti earthquake. The businessman, from Telfs near Innsbruck, decided to give up his lifestyle after concluding that wealth made him miserable.

Mr Rabeder amassed his fortune from an interior furnishings business, which he went on to sell. He has launched an online raffle to dispose of his £1.4 million villa, complete with a lake and sauna. Tickets sell at £87. The winner will be selected on 28 February.

Mr Rabeder, who plans to live in a bedsit, said: "My idea is to have nothing left." He is now divorced.