Servant, you've been very optimistic here.
I've been involved in various "MMOs", none of which ever cut below .5M$. Bear in mind that these were established teams however.
The 'rate of 35k$' / y is edgy. If a programmer is willing to get paid this salary to work on the project, there's a good chance his skill level is not that of an average industry programmer. This would make the game significantly longer to make, and would cause more bugs, which in turn would require more dev to fix (and possibly actual QA time trying to reproduce 'random' issues).
The key element of note here is lack of experience. a Project relying upon a man with no experience in management (or making games at all), lack of understanding of what everyone on the team really needs to be doing, and more importantly, lack of experience designing games (resulting in poor quality documentation and lack of foresight) could be catastrophic. This is a wildcard here that could increase the cost by magnitudes here. I'm going to assume OP is more than meets the eye here (anyone able to raise 250K$ like that probably has a hidden talent).
On the other hand, you could target to have something 'minimal' to be playable as quickly as possible, and iterate on your original design based on user feedback:
- You get to build the RIGHT features (things people actually want)
- You get to earn money midway through production (users paying to play)
- You get to have a light original design which is much easier to have everyone focused on (and that really helps to mitigate complexity too early in dev)