David Siegel to sell $350 million in assets
Thousands of acres of undeveloped land including $350 million
of assets in Florida are up for sale by Westgate Resort's time-share mogul
David Siegel.
From mobile homes to airplanes, condo's to golf courses, Siegels non time-share
portfolio is up for sale worth millions during one of the worst economical
downturns in the last 50 years.
Listed for sale on CarltonExchange.com are $350 million in assets including the
Grenelefe Resort in Haines city. The resort which includes 277 acres of land, 2
golf courses, and 432 condo units was purchased for $12.8 million in 2002.
Since the the freezing of credit markets in 2008, Westgate among other
time-share resorts have struggled financially cutting up to 1/3 of it's
employees. According to Siegel, all items are noncore assets being sold in
order to raise cash for the primary time-share business.
Cash-strapped, Siegel has put contruction work Versailles 90,000 sq ft
mansion in Windermere on hold while selling unnecessary non-time-share assets
including land near Disneyland, 500-room Ramada Hotel, and 2 private jet
aircraft.
Albeit, some of the golf & tennis resort at Grenelefe Resort is
in disrepair causing multiple complaints by residents, the
sales price of $50 million looks like a sweet deal.

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