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David Siegel went from bankruptcy to his most profitable year ever


By kentm   Follow   Sat, 22 Dec 2012, 11:28pm PST   76,988 views   27 comments
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David Siegel, the Florida timeshare tycoon who threatened to fire all his employees if Obama was re-elected, went from bankruptcy to his most profitable year ever between 2008-2012, allowing him to re-start work on his 90,000 sq. ft. home. (reuters.com)

http://www.reuters.com/article/2012/07/30/uk-usa-orlando-siegel-idUSLNE86T02B20120730

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Ceffer   Sun, 23 Dec 2012, 2:42am PST   Share   Quote   Permalink   Like (8)   Dislike     Comment 1

Privately owned, he can say what he wants without scrutiny, like the guys around here who brag about their Madoff-like returns on investment strategies because they are SO smart. Everests of BS.

Gambling addicts only talk about winnings while hiding their losses. He's suckering investors.

Seems to be a male sociopath thing.

CaptainShuddup   Mon, 24 Dec 2012, 2:48am PST   Share   Quote   Permalink   Like (1)   Dislike (2)     Comment 2

"Year evah" but only between a 4 year window.

True Disbeliever   Sat, 12 Jan 2013, 7:13am PST   Share   Quote   Permalink   Like (1)   Dislike     Comment 3

Just watched the Queen of Versailles!

The sociopath actually lives from hand to mouth... doesn't seem to have put away a penny for his wife or kids.

I can't believe that bitch, who has billions, sent her childhood friend $5K to prevent foreclosure of her house. (Which it didn't do.)

seal30   Sun, 13 Jan 2013, 3:07am PST   Share   Quote   Permalink   Like (4)   Dislike     Comment 4

In the grand ole tradition of snake oli salesmen, David Siegel is in the business of lying to people, to whom he sells bad investments. He runs a private (ponzi scheme) company which owns hundreds of millions to its lenders, and is years from being able to pay off its debts (see Bloomberg article where he confirms payoff at 3-4 years, which means it will take longer). He has no personal wealth (both houses are mortgaged to the hilt), has put nothing aside for his children (he admits as much in the film), and is on a strict salary imposed by his lenders (ditto). To say that Westgate is more profitable today than any other time in history is a blatant lie, and the same thing that he was saying to the press in 2008, 2009, 2010...three of the worse years in the history of selling sub-prime crap to people. However, he knows from his years of hawking swampland, just lie your ass off, because there's suckers aplenty out there. Screw them, then lawyer up. That's the biz plan for Westgate Resorts. Only defense is to stay the hell away from them.

LindyInGEG   Wed, 23 Jan 2013, 3:53pm PST   Share   Quote   Permalink   Like (2)   Dislike     Comment 5

I watched "Queen of Versailles". I found it grotesque and enlightening because it exposed the shallow greed and egocentrism of both Mr. and Mrs. Siegel. They clearly have some sort of biochemical brain issues because they both lack the abilities of compassion, wisdom and common sense. I feel sorry for the children as they all appear to have merely been brought into the world without parental guidance. This is GREED. Plain and simple. Greed, as we all know, is the underlying problem in America. Fake boobs, old men pining for younger vaginas, dogs pooping in the house, pets left to starve, nannies left penniless in the wake of billions, etc., etc., etc. 95% of all Americans loathe this reality. Last but not least, his first family left poor....shame on you. Shame on you.

Landraver   Mon, 28 Jan 2013, 7:54am PST   Share   Quote   Permalink   Like (1)   Dislike     Comment 6

They reaped what they sowed so no sympathy for the Siegels ... I think its also a little too late for David Siegel to be worried about turning off the lights ... He now has to cut his suit according to his cloth so in no time he will end his days only in a loin cloth. His inflated wife's 50 DD chest is much less likely to be able to deal with the concept of downsizing ...

thomaswong.1986   Mon, 28 Jan 2013, 8:06am PST   Share   Quote   Permalink   Like   Dislike (2)     Comment 7

LindyInGEG says

I feel sorry for the children as they all appear to have merely been brought into the world without parental guidance. This is GREED. Plain and simple. Greed, as we all know, is the underlying problem in America. Fake boobs, old men pining for younger vaginas, dogs pooping in the house, pets left to starve, nannies left penniless in the wake of billions, etc., etc., etc. 95% of all Americans loathe this reality. Last but not least, his first family left poor....shame on you. Shame on you.

LOL! I see you met the Kennedy's... they seem to be also a dying breed... dont last long.

curious2   Mon, 28 Jan 2013, 9:03am PST   Share   Quote   Permalink   Like (4)   Dislike (1)     Comment 8

Your tax dollars at work. When politicians talk about "helping homeowners" with QE and ZIRP, propping up prices, he is the type of "homeowner" they mean.

Tglander   Sun, 17 Feb 2013, 1:15am PST   Share   Quote   Permalink   Like (1)   Dislike (1)     Comment 9

To quote the movie Wall Street "greed is good"!!! Not impressed with the moral character of the seigals however. These people made millions from people who were stupid enough to think they could get a lot for little. Greed and capitalism aren't the problem with this country. It's out leaders who are taking us away from these principles that is the problem. This country was founded on capitalism. It made us into the largest most profitable country in the world. It allows us to help less fortunate countries. Out country will continue to decline until we get back to these basic principles

TackieJackie   Wed, 20 Feb 2013, 4:18am PST   Share   Quote   Permalink   Like (2)   Dislike     Comment 10

Just wanted the flick Queen of Ver(min)sailles. This is the utter disgust that our society has perpetuated, this American dream. The dog shit on the floor and the dead animals in the house is the sheer epitome that you can have billions upon billions and have no CLASS. I hope there is great change in this country soon. To find a middle ground and live with sustainability. How about the idiot who laugh, "My net worth was 3.5 million and now it's zero...hahahahaha"...what a fool. I hope all these types of people somehow get a wake up call quick. No, I am not an Obama supporter and I do believe in capitalism...but there is no reason to be absurd with money. She's compulsive the husband said of her. Uh....she's impractical trash!!!

stipend   Wed, 20 Feb 2013, 11:19pm PST   Share   Quote   Permalink   Like (3)   Dislike     Comment 11

Having money means you have money. Having class
means you behave in a decent, respectful way to all people, animals and the environment! You don't need any money to have class.

Anonymoustothemax   Sat, 2 Mar 2013, 1:39pm PST   Share   Quote   Permalink   Like (1)   Dislike     Comment 12

How these people live in complete and utter excess. She has to have "12 of everything" is what Mr. Siegel said and that's extremely compulsive and excessive. One of the many things that bothered me about this documentary is how Ms. Siegel said that they have to tell their children that they have to start "figuring out what they want to be when they grow up" because they have to go to college and make money...why would you raise your children without any aspirations even if you are rolling in money? I find it inconceivably disgusting that someone could raise children that way. The whole family should humble themselves.

grinderman   Sat, 2 Mar 2013, 7:04pm PST   Share   Quote   Permalink   Like (3)   Dislike (1)     Comment 13

I really wanted to hate them but I found to my shock that I kind of liked them . They were both very open and honest about who they were and what their values were . They gave the film maker remarkable access and both were very open about their crassness .

It was amazing to see that his entire business model was just a house of cards . He had no money set aside , no trust funds for the kids and no actual personal fortune . Everything was leverage and everything was on the line through his own personal guarantee .

I am not from the US , but I live here . It always amazes me to see these kind of ' billionaires ' speak out about politics and about who people should vote for . They are held up as some kind of shining example about what you can achieve . Yet when you peek behind the curtain there is nothing there except debt and a burning desire for casino capitalism .

TechGromit   Sun, 3 Mar 2013, 12:15am PST   Share   Quote   Permalink   Like (1)   Dislike     Comment 14

kentm says

David Siegel, the Florida timeshare tycoon who threatened to fire all his employees if Obama was re-elected

His company, Westgate Resorts, this year is also hiring 1,500 new employees...

I don't know about you, but I wouldn't want to work for someone like this. Now if I screwed up or the economy is forcing him to lay-off employees I can understand. But to threaten to fire employees over who wins a election, what football team wins the Superbowl or weather is rains on Saturday is just pure insanity. I wouldn't want that kinda stress in my life for matters I have no control over. There's more than enough stress for reasonable things I can't control.

The Professor   Sun, 3 Mar 2013, 12:39am PST   Share   Quote   Permalink   Like (1)   Dislike     Comment 15

seal30 says

Screw them, then lawyer up. That's the biz plan

yep

New Renter   Sun, 3 Mar 2013, 2:53am PST   Share   Quote   Permalink   Like (1)   Dislike     Comment 16

kentm says

allowing him to re-start work on his 90,000 sq. ft. home. (reuters.com)

How long before it's insured to the hilt and tragically swallowed by a very mysterious yet financially convenient sinkhole?

TechGromit   Sun, 3 Mar 2013, 11:14am PST   Share   Quote   Permalink   Like (1)   Dislike     Comment 17

How long before it's insured to the hilt and tragically swallowed by a very mysterious yet financially convenient sinkhole?

I wonder if he has Sinkhole insurance. Houses are not typically covered for sinkholes, that's an additional to your standard policy.

thunderlips11   Mon, 4 Mar 2013, 12:05am PST   Share   Quote   Permalink   Like (1)   Dislike     Comment 18

Wow, looks like a great film.

debm   Sat, 16 Mar 2013, 6:11am PDT   Share   Quote   Permalink   Like (2)   Dislike     Comment 19

what a suprisingly good movie. so very sad. seeing the son refer to customers as mooches and then crying over lost fortunes was just so ironic. we live in a weird world where financial wealth is considered success... bankruptcy hit this family long before the crash. i actually liked Jackie. she was honest anyway.

Entitlemented   Sat, 16 Mar 2013, 11:09am PDT   Share   Quote   Permalink   Like   Dislike (1)     Comment 20

I am just a smuck from Santa Bama. Does not Seagull think the Pdb=>90%

Pdb (Probability of dubble bubble)

Vicente   Sun, 17 Mar 2013, 3:10pm PDT   Share   Quote   Permalink   Like (1)   Dislike     Comment 21

Watched this on Netflix instant view last night.

Oh. My. God.

Rich people with dog shit everywhere, dead pets,the old man hanging out in his den shirtless with stacks of papers like a hoarder....

I hope his children don't reproduce.

TechGromit   Sun, 17 Mar 2013, 9:35pm PDT   Share   Quote   Permalink   Like (1)   Dislike     Comment 22

Vicente says

Rich people with dog shit everywhere, dead pets,the old man hanging out in his den shirtless with stacks of papers like a hoarder....

I hope his children don't reproduce.

I downloaded it from Piratebay. I recently had a debate on another forum about wealth determines your social class. After seeing this, I think I want to change my opinion. What a bunch of low life's with money. They are trail park trash with a mansion.

chocolatestar75   Thu, 4 Apr 2013, 1:26am PDT   Share   Quote   Permalink   Like (2)   Dislike     Comment 23

I actually live in Las Vegas and sold timeshare for another company that also laid off hundreds of employees during the bubble. David is what we call typical timeshare on super steroids. Back then salesman made $120-300k annually. A Las vegas Sales manager $450K+. Most sales people lived check to check. Spend it friday and you would have another $1-3K next friday. No one anticipated the money would ever stop and no one saved or prepared for a rainy day because we never had one in Las Vegas.

What was most craziest to me is She was building a 30 bathroom house but her "best friend" never owned a new car. By the time she decided to help her out it was too late. Mrs. Siegal is clueless but, David made her that way. She is his creation.

I felt sorry for the Siegal's as I watched this. I felt sorry for the kids, the employees especially her nannies and staff. The moral of the story is... Nothing is guaranteed. Don't spend money that you don't have and don't live in excess. I was stunned as I reached the end of the movie. I had to rewind it and go back. I couldn't believe how their lives had changed. I couldn't believe this man that was "worth so much" lived so lavishly on borrowed money.

New Renter   Fri, 5 Apr 2013, 9:53am PDT   Share   Quote   Permalink   Like   Dislike     Comment 24

At least Jackie had the good sense to quite a crappy STEM career and go into something clearly far more lucrative.

metg804   Tue, 30 Apr 2013, 9:21am PDT   Share   Quote   Permalink   Like   Dislike     Comment 25

Idiots ,.... How do you go from stealing millions and end up with dog shit on the floor, kids who lack the ability to care for pets, and rely on house keepers to clean up after your worthless selves. Too stupid to get the wake up call.
What an embarrassment to Americans. You have ruined your children and left them without basic life skills.
Nasty, ignorant, rip off old fool going to leave your family in debt and no one will give them a loan for your funeral.
Financially best year in 33 years,.... Right lie some more so you don't scare off the investers. Fake, stupid and broke get real no one wants the bs you are selling. Sorry for the people who bought your worthless timeshares. You suckered them and flaunt yourself. Don't feel sorry for you or your family, you are nasty and a worthless person.

Vicente   Wed, 1 May 2013, 3:45am PDT   Share   Quote   Permalink   Like   Dislike     Comment 26

King of Versailles throws son under the bus

http://www.sfexaminer.com/entertainment/scoop/2013/04/queen-versailles-star-david-siegel-throws-his-son-under-bus

jockeychrisant   Tue, 21 May 2013, 9:27am PDT   Share   Quote   Permalink   Like   Dislike     Comment 27

I loved the movie,,,was fascinated with the entire thing,,,i do feel sorry for the kids as there wasn't much compassion from dad david,,however I found him to be a genious and would love to meet him someday,,,yeah the wife had boobs that were prob 300 sizes too big,,,she could bounce if she fell face first,,,,i hope they get the big mansion done,,,its gonna be awesome,,,i know theres a lot of hate but I loved the documentary!!

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