ORLANDO-Timeshare developer David A. Siegel is investing $30 million in renovations on a 14-year-old, 408-unit condominium community he bought for $100 in 2002 at a public Orange County auction site. At that time, he also held mortgages on the twin-tower, 18-story Sandy Lake Towers assets totaling $17.4 million. He later rejected a seller’s bid of $24 million for the properties.

The towers are at 6145 Carrier Dr., directly behind the Wet ‘n Wild attraction in the center of the city’s major tourist corridor on International Drive. The first 204-unit tower is sold out, Siegel’s office confirms. Condo unit prices on the second phase haven’t been determined but area brokers specializing in nearby condo sales tell GlobeSt.com the homes won’t start at under $200,000 and may go to over $1 million for penthouse residences.

The developer has renamed both towers Westgate Palace. His flagship timeshare property is called Westgate Resorts.

The 14-year construction period of Sandy Lake Towers is the longest in Orlando history, city planning department staffers tell GlobeSt.com. Brazilian developer Sergio Naya started construction on the two towers in 1991. By 1999, one of the towers opened as a hotel but performance was dismal, posting occupancy of 15% and losing a reported $100,000 a month.

Naya filed for Chapter 11 reorganization in 2001. The US Bankruptcy Court ordered the property sold at public auction in July 2002 when Siegel bought the assets. He was the only bidder.

With 8,500 units at eight Orlando resorts, Siegel is the largest independent owner-operator of timeshare properties in Florida. He also owns and operates resorts in eight other states.

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