ORLANDO-David A. Siegel, the largest private timeshare developer in Florida, has acquired a prime 50-acre tract near his Westgate Lakes Resort in south Orlando for $22.5 million or $450,000 per acre ($10.33 per sf). The seller, locally based Carter-Palm Parkway Land Trust, paid $12 million or $240,000 per acre ($5.50 per sf) for the dirt 13 months ago.

Siegel plans to break ground later this year on an estimated $30-million, 1,500-unit timeshare development that will also have about 80,000 sf of retail. The site is on Big Sand Lake off Palm Parkway. His 1,500-unit Westgate Lakes Resort is sold out.

Siegel’s Central Florida Investments holding company owns and operates 8,500 timeshare units, the second highest volume next to publicly traded Marriott Corp.’s 12,000 units throughout the state, according to GlobeSt.com research.

Siegel couldn’t be reached by GlobeSt.com’s publication deadline, but brokers who have worked with the developer in the past tell GlobeSt.com Siegel contracted to buy the 50 acres 11 years ago for about $5 million or $100,000 per acre ($2.30 per sf). However, Siegel decided the price was too high at that time, informed sources tell GlobeSt.com. Still, the developer bought another 12.4-acre tract in 1994 for $1.21 million or $97,581 per acre ($2.24 per sf).

Of his 100% return on the sale of the 50 acres, Daryl M. Carter, a trustee of Carter-Palm Parkway Land Trust, tells GlobeSt.com, “It’s all about supply and demand. The man upstairs is just not making this stuff [land] any more.”

Siegel has extended his timeshare holdings to Utah, South Carolina, Nevada, Mississippi, Tennessee, Missouri, Virginia and Mexico.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.