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150 bucks doesn’t get you much these days. Maybe a few tanks of gas, some nice new running shoes, or a romantic dinner for two. That’s usually about it. So imagine LAist’s surprise when we stumbled on the news that one lucky Angeleno will walk away with a gorgeous Palos Verdes home for the price of a pair of Diesel jeans. (If they’re on sale, that is)

The home, pictured at the top of this post, is currently valued at 1.5 million dollars, and features four bedrooms, three and a half baths, a three car garage and over 3000 square feet of living space. Sound a bit too good to be true? LAist was skeptical too, so we did some digging. And guess what? To paraphrase the great MC Hammer, this deal’s legit.

The Palos Verdes Art Center is holding what they call their “Dream Home Raffle 2005”. For the price of one ticket, or $150, you will be entered in a grand prize drawing that could end up being a house that has been appraised at 1.5 million dollars. That’s the good news. The bad news is your odds of winning that dream house are 1 in 20,000, or the amount of tickets that will eventually be sold to the general public.

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But don’t despair fellow citizens! You still could win some solid dough…second prize takes home $25,000, and third gets $10,000. The Art Center folks say that over 200 prizes will be awarded, and your odds of winning at least something are approximately
1 in 100.

LAist digs this contest. It’s one of those win-win things, since even if you fail to take home a prize, the Palos Verdes Art Center gets to put the dough to good use, furthering their educational and visual art programs.

So, Los Angeles, do you feel lucky?