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In July 2012, Siegel said the market was rebounding, and he was expanding his businesses. He also announced plans to continue construction of the ] featured in the documentary.<ref></ref> In July 2012, Siegel said the market was rebounding, and he was expanding his businesses. He also announced plans to continue construction of the ] featured in the documentary.<ref></ref>

In April 2012, Florida court documents reveal that Siegel and his wife took out a $20 million mortgage loan<ref>{{cite web|url = http://or.occompt.com/recorder/eagleweb/viewDoc.jsp?node=DOC945S15519|title = Siegel mortgage with ICR Finance Services, a subsidiary of Interval Leisure Group}}</ref> from ICR Finance Services, a subsidiary of ]<ref>{{cite web|url = http://sec.edgar-online.com/interval-leisure-group-inc/10-k-annual-report/2012/03/09/section45.aspx|title = EDGAROnline listing of subsidiaries of Interval Leisure Group, including ICR Finance Services}}</ref>, a publicly traded timeshare company and a key business partner of ]<ref>{{cite web|url = http://www.iilg.com/phoenix.zhtml?c=223490&p=irol-newsArticle&ID=1679705&highlight=|title = Westgate Resorts and Interval International Extend Long-Term Partnership}}</ref>. As part of this deal, ICR Finance Services/Interval Leisure Group acquired the Stipulated Final Judgement of Foreclosure on the Versailles house, which had previously been awarded to Bank of America against Siegel and his wife.<ref>{{cite web|url = http://or.occompt.com/recorder/eagleweb/viewDoc.jsp?node=DOC782S29492|title = Stipulated Final Judgement of Foreclosure on "Versailles" property}}</ref>




Revision as of 15:30, 5 February 2013

David A. Siegel

David A. Siegel (born 1934 or 1935) is an American entrepreneur and founder of Westgate Resorts Ltd, where he serves as president and chief executive officer. He also serves as the CEO of CFI Resorts Management Inc. and Central Florida Investments Inc. Siegel's businesses includes real estate, timeshares, construction, hotel and apartment management, travel services, telecommunications, citrus, insurance, transportation, and retail.

Siegel's businesses, family, and personal life were adversely affected by the 2008 financial crisis, as seen in the award winning documentary The Queen of Versailles.

Seigel admitted in the documentary to covertly buying back his own $11 million bad debt loan from his bank for $3.2 million:

"I sent a third party to go see how much they'll sell that loan for (they wrote it down at 11). They sold the loan to the third party, they didn't know I was involved, for $3.2 million dollars.." Other person "Oh Yeah?", Siegel: "Yeah I'm getting it back. That's why banks are in trouble, who the hell's making, I mean I'm glad they did, but who the hell is making all those decisions?" (1 hour 6 minutes into The Queen of Versailles)

In July 2012, Siegel said the market was rebounding, and he was expanding his businesses. He also announced plans to continue construction of the extravagant Florida home featured in the documentary.

In April 2012, Florida court documents reveal that Siegel and his wife took out a $20 million mortgage loan from ICR Finance Services, a subsidiary of Interval Leisure Group, a publicly traded timeshare company and a key business partner of Westgate Resorts. As part of this deal, ICR Finance Services/Interval Leisure Group acquired the Stipulated Final Judgement of Foreclosure on the Versailles house, which had previously been awarded to Bank of America against Siegel and his wife.


Siegel campaigned for George W. Bush in 2000.


During the 2012 United States elections, Siegel caused controversy and public debate when he sent a mass email to his employees, advising them to vote for Republican Party candidate Mitt Romney.

Siegel was found guilty of sexual harassment in a lawsuit brought by former Westgate employee Georgette Meyers. Meyers worked for Westgate for 14 years. She claimed that Siegel offered a million dollars to have sex with her. Meyers claimed that she had to repeatedly fight off unwanted advances from Siegel, and a Florida court awarded Meyers $5.4 million in damages in February 2008. According to Westgate, "His attorney said they would file motions to have the verdict set aside, and if necessary, appeal."


Siegel studied marketing and management at the University of Miami.

See also

References

  1. Reuters
  2. "Siegel mortgage with ICR Finance Services, a subsidiary of Interval Leisure Group".
  3. "EDGAROnline listing of subsidiaries of Interval Leisure Group, including ICR Finance Services".
  4. "Westgate Resorts and Interval International Extend Long-Term Partnership".
  5. "Stipulated Final Judgement of Foreclosure on "Versailles" property".
  6. Goldberg, Adam. "David Siegel, Florida Real Estate Mogul, Claims To Be 'Personally Responsible' For George W. Bush's 2000 Victory". The Huffington Post. Retrieved 15 January 2013.
  7. Business Week
  8. "Woman Talks After Winning $5 Million In Lawsuit Over 'Indecent Proposal'". WFTV. Orlando, Florida: Cox Enterprises. February 21, 2008. Retrieved 30 July 2012.
  9. Orlando billionaire David Siegel must pay woman $5.4 million in sexual-harassment case 22 Feb 2008
  10. Businessweek.com

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