Tropical island resort in Micronesia raffled off by Australian couple for £38

Tickets are still on sale for the raffle, which will de drawn on Tuesday - with 53,000 snapped up so far

Doug and Sally Beitz want to pass their business on to young people 'with family values' (Kosrae Nautilus)

The Australian owners of a tropical island resort have decided to raffle it off rather than selling it, with tickets at just US$49 (£38 each).

More than 53,000 tickets have been bought after the raffle for the Kosrae Nautilus Resort sparked global interest meaning the owners are set to make at least £2m, with tickets still on sale.

Doug and Sally Beitz moved to the Micronesian island of Kosrae back in 1994 with their three young children.

But after 22 years running the business they now want to return to Australia to enjoy being grandparents.

Along with the 16-bedroom resort, the prize includes a scuba-diving business, a four-bedroom house, five rental cars, two-ten seater vans, a pick-up truck, a 32 ft swimming pool, a private beach and the resort restaurant.

Kosrae is the second largest island in Micronesia at 42 sq miles, and lies about 2,400 miles north of Brisbane.

According to the competition website (which is struggling with high traffic volumes), the resort is popular for diving and fishing, is debt free and profitable, and has US$10,000 cash in the business bank account.

“We've tried to market it in a way where we are attracting people like ourselves,” Mr Beitz told AFP.

The former firefighter said he was hoping the winner would be “someone who likes warm weather, likes meeting new people from around the world, is adventurous”.

He described himself and his wife as “hard-working, everyday people”, who want to pass on the business to young people “with family values”.

“It's a big life change,” he said of living on the island, which can be reached on direct flights from Guam and Hawaii.

The couple’s son Adam said it had been his idea to sell the business in a raffle.

Speaking to Australia’s Channel 7 earlier this month he said: “Everyone has crazy ideas, this one just wouldn't leave me alone.”

“The thought of selling it in a traditional way is really boring.”

But he has admitted he has “mixed emotions” about the prospect of his parents’ departure from the island.

“I was seven when I moved to the island, and when they leave we will be losing our little escape to paradise,” he said.

The raffle will be drawn on Tuesday.