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Unusual twist on this home sale

WHITEHALL, Wis. (AP) -- Bob Fanning is betting someone takes him up on a package deal: buy his western Wisconsin home for $498,900 and also become beneficiary of a 10-year, $500,000 life insurance policy.

In other words, if the 69-year-old Fanning dies during the 10-year period, the buyer gets the purchase covered by the payout from the term insurance policy.

"Life's a gamble, this is a gamble," Fanning said.

Fanning said that since the property in rural Whitehall has been on the market for two years, he decided he needed to take a new approach.

He said it took a while to convince his real estate agent and lawyers that it was as simple as it sounds.

"It's an unusual incentive, but it's certainly interesting," said real estate agent Wayne Peters, whose company has the listing. "It's hard to get people's attention in this market. There are a lot more sellers than buyers."

But Peters said he hadn't seen the tactic used before in his 34 years in real estate.

As part of the plan, an irrevocable trust has been set aside to pay premiums for the duration of the policy, which has conditions barring a payout in cases of suicide or homicide.

The two-story, 5,600-square-foot home has four bedrooms and four baths and is on a 30-acre property.