Time-Share Mogul Unloading $350M in Assets

ORLANDO-Amid the nation’s continuing real-estate slump, time-share king David Siegel is attempting to sell $350 million worth of real estate and noncore assets, including thousands of acres of undeveloped land in Central Florida. The president and CEO of locally based Westgate Resorts has listed a portfolio of properties with Carlton Advisory Services Inc., an international real estate investment-banking firm.

A total of 60 assets are up for sale, from hotels to mobile homes to airplanes. The real estate includes a dude ranch and the once-famous Grenelefe Resort, both in Polk County, as well as land that already has government approvals for time-share construction.

Carlton says all reasonable bids will be considered. “We definitely have a lot of interest,” said Scott Stay, an asset manager for Carlton. “These are selling closer to distressed pricing, but they’re not distressed assets.”

To read the full story from the Orlando Sentinel, click here.