Well, as I recall this from the movie, the idea was that the place was worth more than anyone who "ought" to have it, and be a good steward of its traditions, would actually be able to pay. The idea was that the whole purchase price would be raised by the contest, and I don't recall that any of it was refunded. The seller needed the money-- it was never meant a a giveaway but rather a creative way of making a sale and catching free PR to widen the market.

But I think in that one the buy-in was much lower.