Time-share developer David Siegel puts “non-core” assets up for sale

By Sara K. Clarke | March 17, 2010

(Orlando Sentinel) Time-share king David Siegel is selling off $350 million worth of assets across the country, including hundreds of acres of undeveloped land in Central Florida.

Siegel, president of Westgate Resorts, has listed the portfolio of properties with Carlton Advisory Services Inc., an international real estate investment-banking firm. A total of 60 assets are being sold.

“We definitely have a lot of interest,” said Scott Stay, an asset manager for Carlton. “These are selling closer to distressed pricing, but they’re not distressed assets.”

The properties range from a mobile-home park in Lake County to a private jet to a dude ranch southeast of Lake Wales. Stay said the items up for sale are “non-core assets” that Siegel is selling off for strategic purposes.

No one at Westgate Resorts was immediately available to comment. The company, like many time-share developers, has struggled financially since the credit markets froze in late 2008; it has cut more than one-third of its staff since then.

Registered users can view the listing at CarltonExchange.com.


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