David Siegel went from bankruptcy to his most profitable year ever


By kentm   Follow   Sun, 23 Dec 2012, 7:28am   74,628 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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  1. Ceffer


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    1   10:42am Sun 23 Dec 2012   Share   Quote   Permalink   Like (8)   Dislike  

    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.

  2. CaptainShuddup


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    2   10:48am Mon 24 Dec 2012   Share   Quote   Permalink   Like (1)   Dislike (2)  

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

  3. True Disbeliever


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    3   3:13pm Sat 12 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike  

    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.)

  4. seal30


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    4   11:07am Sun 13 Jan 2013   Share   Quote   Permalink   Like (4)   Dislike  

    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.

  5. LindyInGEG


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    5   11:53pm Wed 23 Jan 2013   Share   Quote   Permalink   Like (2)   Dislike  

    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.

  6. Landraver


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    6   3:54pm Mon 28 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike  

    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 ...

  7. thomaswong.1986


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    7   4:06pm Mon 28 Jan 2013   Share   Quote   Permalink   Like   Dislike (2)  

    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.

  8. curious2


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    8   5:03pm Mon 28 Jan 2013   Share   Quote   Permalink   Like (4)   Dislike (1)  

    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.

  9. Tglander


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

    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

  10. TackieJackie


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    10   12:18pm Wed 20 Feb 2013   Share   Quote   Permalink   Like (2)   Dislike  

    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!!!

  11. stipend


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    11   7:19am Thu 21 Feb 2013   Share   Quote   Permalink   Like (3)   Dislike  

    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.

  12. Anonymoustothemax


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    12   9:39pm Sat 2 Mar 2013   Share   Quote   Permalink   Like (1)   Dislike  

    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.

  13. grinderman


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    13   3:04am Sun 3 Mar 2013   Share   Quote   Permalink   Like (3)   Dislike (1)  

    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 .

  14. TechGromit


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    14   8:15am Sun 3 Mar 2013   Share   Quote   Permalink   Like (1)   Dislike  

    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.

  15. The Professor


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    15   8:39am Sun 3 Mar 2013   Share   Quote   Permalink   Like (1)   Dislike   Protected  

    seal30 says

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

    yep

  16. New Renter


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    16   10:53am Sun 3 Mar 2013   Share   Quote   Permalink   Like (1)   Dislike  

    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?

  17. TechGromit


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    17   7:14pm Sun 3 Mar 2013   Share   Quote   Permalink   Like (1)   Dislike  

    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.

  18. thunderlips11


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    18   8:05am Mon 4 Mar 2013   Share   Quote   Permalink   Like (1)   Dislike   Protected  

    Wow, looks like a great film.

  19. debm


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    19   1:11pm Sat 16 Mar 2013   Share   Quote   Permalink   Like (2)   Dislike  

    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.

  20. Entitlemented


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    20   6:09pm Sat 16 Mar 2013   Share   Quote   Permalink   Like   Dislike (1)  

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

    Pdb (Probability of dubble bubble)

  21. Vicente


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    21   10:10pm Sun 17 Mar 2013   Share   Quote   Permalink   Like (1)   Dislike  

    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.

  22. TechGromit


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    22   4:35am Mon 18 Mar 2013   Share   Quote   Permalink   Like (1)   Dislike  

    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.

  23. chocolatestar75


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    23   8:26am Thu 4 Apr 2013   Share   Quote   Permalink   Like (2)   Dislike  

    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.

  24. New Renter


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    24   4:53pm Fri 5 Apr 2013   Share   Quote   Permalink   Like   Dislike  

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

  25. metg804


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    25   4:21pm Tue 30 Apr 2013   Share   Quote   Permalink   Like   Dislike  

    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.

  26. Vicente


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    26   10:45am Wed 1 May 2013   Share   Quote   Permalink   Like   Dislike  
  27. jockeychrisant


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    27   4:27pm Tue 21 May 2013   Share   Quote   Permalink   Like   Dislike  

    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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