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Bankrupt / Closed Timeshare resorts
- Thread starter TUGBrian
- Start date
Ocean Palms
This resort was in New Smyrna Beach, Fl. Destroyed by hurricane in 2004 (I think that was the year). Not repaired or rebuilt and as I understand it from owners, city took property for unpaid taxes. Owners paid maint. fee for few years with no unit to use or trade. Finally stopped paying fees.
This resort was in New Smyrna Beach, Fl. Destroyed by hurricane in 2004 (I think that was the year). Not repaired or rebuilt and as I understand it from owners, city took property for unpaid taxes. Owners paid maint. fee for few years with no unit to use or trade. Finally stopped paying fees.
Jennie
TUG Member
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Royal Resorts, Cancun Mexico, similar but very different
As a timeshare newbie about 20 years ago, my first timeshare was purchased from an individual who had placed an ad in a Penny Saver magazine in Florida. I came aboard with 2 weeks that would expire in 2 months (didn't know that I could have paid a fee to extend them) plus 4 other weeks that would be valid for almost a year.
So, "I hit the road running" as the saying goes.
I spent many hours thumbing through the RCI and I.I books
Hubby ran out of vacation time so I went with a gal friend to the Royal Resorts in Cancun. I almost passed up on the sales presentation but went because it was a rainy day. The info provided was priceless.
Named VCI (Vacation Resorts International, this was the first built timeshare in Cancun. Sales were not going well. So as not to lose all the money invested, they came up with the idea to guarantee a full return of the entire purchase price at the end of a 20 year right to use period.
If units were sold by owners prior before the 20 years, the new owner would then receive the original sales price at the 20 year date.
Over the next two to four years, I bought 4 prime weeks via resale from owners, at greatly reduced prices, and there-by received the right to get the full original purchase paid the original owner. All in, I paid about 7,000 for the 4 weeks, had many wonderful vacations there, rented some weeks, and eventually received around $35,000. "residual value" when the 30 years were up.
Meanwhile the original guys who built VCI had gone on to build 4 more fabulous resorts in Cancun. They are still very popular vacation destinations.
As a timeshare newbie about 20 years ago, my first timeshare was purchased from an individual who had placed an ad in a Penny Saver magazine in Florida. I came aboard with 2 weeks that would expire in 2 months (didn't know that I could have paid a fee to extend them) plus 4 other weeks that would be valid for almost a year.
So, "I hit the road running" as the saying goes.
I spent many hours thumbing through the RCI and I.I books
Hubby ran out of vacation time so I went with a gal friend to the Royal Resorts in Cancun. I almost passed up on the sales presentation but went because it was a rainy day. The info provided was priceless.
Named VCI (Vacation Resorts International, this was the first built timeshare in Cancun. Sales were not going well. So as not to lose all the money invested, they came up with the idea to guarantee a full return of the entire purchase price at the end of a 20 year right to use period.
If units were sold by owners prior before the 20 years, the new owner would then receive the original sales price at the 20 year date.
Over the next two to four years, I bought 4 prime weeks via resale from owners, at greatly reduced prices, and there-by received the right to get the full original purchase paid the original owner. All in, I paid about 7,000 for the 4 weeks, had many wonderful vacations there, rented some weeks, and eventually received around $35,000. "residual value" when the 30 years were up.
Meanwhile the original guys who built VCI had gone on to build 4 more fabulous resorts in Cancun. They are still very popular vacation destinations.
JudyS
TUG Member
Wow! What a great deal you got! But the facility is still operating as a timeshare, isn't it? I thought Royal Resorts offered owners a chance to extend their usage (for a substantial fee, of course), and sold (or is still in the process of selling) the weeks that owners didn't extend. I still see this resort offered for exchange in II.
I think a few years ago, Timesharing Today did an article about this situation. If I recall correctly, the courts in Florida gave the resort back to the timeshare owners, on the grounds that owners were never personally notified of the pending tax sale.
Kozman
TUG Member
Peppertree Atlantic Beach I
Peppertree Atlantic Beach I has declared bankruptcy and is in the process of being leveled. Peppertree Atlantic Beach II is currently condemned and repairs are suppose to be completed by May. But, considering so many have lost their usage while still expecting to pay up to $700 in maintenance fees last year and this year, I have my doubts of it's ability to recover if enough quit paying. Details are discussed in the US East Coast Section.
Peppertree Atlantic Beach I has declared bankruptcy and is in the process of being leveled. Peppertree Atlantic Beach II is currently condemned and repairs are suppose to be completed by May. But, considering so many have lost their usage while still expecting to pay up to $700 in maintenance fees last year and this year, I have my doubts of it's ability to recover if enough quit paying. Details are discussed in the US East Coast Section.
Apple valley, Ohio Closing May 27th, 2016.
Last day of operations may 27th, 2016.
Last day of operations may 27th, 2016.
shar
TUG Lifetime Member
- Joined
- Jun 20, 2005
- Messages
- 365
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- 1
- Location
- Port Saint Lucie, Florida
- Resorts Owned
- Seatime, Aruba Divi Phoenix, A Place at the Beach III
Divi Tiara in the Caymans was closed because of severe damage from hurricane. Perhaps this should be listed behind it as another resort also has that listed fro the reason. closed.
Shar
Shar
Kozman
TUG Member
Please add Peppertree Atlantic Beach Phase I. Atlantic Beach, NC.
added, thank you.
ChillyWilly
newbie
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This is the type of thread that should have a wiki for members to revise take pressure off op
i actually plan to implement a wiki style software for some of the advice pages, but i dont believe there is any realistic way to allow for members to update someone elses post on the forums.
we can of course have links from forum posts to wiki pages that do allow this, but then someone (an admin or moderator) still has to manually make the change to the original forum post.
we can of course have links from forum posts to wiki pages that do allow this, but then someone (an admin or moderator) still has to manually make the change to the original forum post.
Mixedupmo
newbie
- Joined
- Nov 27, 2016
- Messages
- 17
- Reaction score
- 4
- Resorts Owned
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Harbor Hill at Provincetown
Scottsdale pinacle
- Joined
- May 20, 2006
- Messages
- 50,977
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- 22,472
- Location
- NE Florida
- Resorts Owned
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Marriott Grande Vista
Marriott Harbour Lake
Sheraton Vistana Villages
Club Wyndham CWA
Perhaps something like WikiVault would work. Doesn't require allowing users to edit someone else's post in the forums. Users work together to create Wiki content for popular topics.
- Joined
- Dec 19, 2008
- Messages
- 16,190
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- Location
- Maryland
- Resorts Owned
- A few in S and VA, a single resort in NC, MD, PA, and UT, plus Jamaica and the Bahamas
Gurneys Inn in Montauk, NY will cease as a timeshare at the end of next year (Dec 2017).
Four years ago owners were offered 3 options. Immediate buy out offer and cease access to resort. There was an option for immediate deed back with no compensation but retain use without MF or voting rights for 5 years. The final option was a freeze in MF (which is still $1800-3500 annually depending on unit size) and at the end of 5 years a guaranteed payout which I believe was slightly lower than the immediate offer plus a percentage based on the final sale of the resort which would ideally take place in 2018. During the 5 year period the resort would be renovated by the developer that took over at the beginning of 2013.
Four years ago owners were offered 3 options. Immediate buy out offer and cease access to resort. There was an option for immediate deed back with no compensation but retain use without MF or voting rights for 5 years. The final option was a freeze in MF (which is still $1800-3500 annually depending on unit size) and at the end of 5 years a guaranteed payout which I believe was slightly lower than the immediate offer plus a percentage based on the final sale of the resort which would ideally take place in 2018. During the 5 year period the resort would be renovated by the developer that took over at the beginning of 2013.
- Joined
- May 6, 2011
- Messages
- 50
- Reaction score
- 38
- Location
- Bernalillo, NM
- Resorts Owned
- Lake Placid Club Lodges, Las Brisas de Santa Fe.
One minor geographic correction: Deer Run Village was/is in Stamford, NY, not "Samford".
Mixedupmo
newbie
- Joined
- Nov 27, 2016
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- 17
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Harbor Hill at Provincetown
Scottsdale pinacle
I dont want this to happen to me!
FYI, did not see this resort on your list. It's near Crossville TN.
I copied this from their web page:
http://www.marinerspointeresort.com/owners.htm
NOTICE
Sadly, Mariner’s Pointe Resort closed its doors May 28th, 2016, after 35-years of wonderful memories for thousands of families.
Known today as Mariner’s Pointe Resort, it was first known in 1965, as ‘Holiday Hills Country Club’. The resort and its many improvements became ‘Boardwalk On The Lake’ in 1981, when the first timeshare deed was sold.
I copied this from their web page:
http://www.marinerspointeresort.com/owners.htm
NOTICE
Sadly, Mariner’s Pointe Resort closed its doors May 28th, 2016, after 35-years of wonderful memories for thousands of families.
Known today as Mariner’s Pointe Resort, it was first known in 1965, as ‘Holiday Hills Country Club’. The resort and its many improvements became ‘Boardwalk On The Lake’ in 1981, when the first timeshare deed was sold.
A woman posting as "Harbor Hill Three" (in TUG Lounge forum) claims to be associated with Building 3 at Harbor Hill and within the past few weeks (April, 2017) overtly asserted that Building 3 is not part of the bankruptcy there and is in fact (at least for now) still operating as a fully functional timeshare.
I have no personal knowledge of the murky status there but it might be premature to declare Harbor Hill "closed down" entirely.
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Are you kidding? We loved this resort. We have a homesite in the area and would stay there as often as we could. They only allowed RCI exchanges every other year.