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Harbor Hill Provincetown resort being sold at auction

TUGBrian

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nuwermj

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My very first timeshare sales presentation was at this resort, in 1991. I was tempted, but didn't buy. I guess I've learned a thing or two in the meantime. Thanks TUG.
 

Sandy VDH

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If the property is worth $10M, there should be some value owners should receive a portion of proceeds.
 

theo

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If the property is worth $10M, there should be some value owners should receive a portion of proceeds.
A significant and very substantial obstacle in this matter that cannot just be conveniently ignored is that 80% of the interval owners must first consent to a termination agreement for the facility to lawfully and officially cease as a timeshare property. So....eight out of every 10 owners must both respond and agree --- Good luck with that! Meanwhile, the billable hours of the law firm involved in this mess will just keep right on accumulating --- Ka-Ching!

Further complicating matters is the allegation that the former manager conducted her own "private, under the table resales" --- some with deeds apparently never signed or recorded. So....who will get to vote for those legal limbo intervals? Meanwhile, the whereabouts of that "private resale" money and other funds, including $320k due to Uncle Sam and $230k in property taxes collected from owners but not subsequently paid to the town, is evidently (...ahem) "unknown".

All in all, an unfortunate and foul-smelling mess. One has to wonder if criminal charges might possibly be on the horizon for Ms. Donna Zoppi.
Gross mismanagement with inadequate financial oversight is one thing --- half million dollars+ grand larceny (felony crime) quite another. :shrug:
 
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nuwermj

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Harbor Hill at Provincetown Timeshare Sale Notice entered by Bankruptcy Court

Counsel to the Chapter 7 Trustee, Swiggart & Agin, LLC, announces that the United States Bankruptcy Court for the District of Massachusetts has issued a notice of sale in the Harbor Hill at Provincetown Condominium Trust Bankruptcy Case.

http://www.prweb.com/releases/2017/01/prweb14004671.htm
 
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Please note: Building 3 of the now defunct Harbor Hill resort is NOT part of the bankruptcy and continues to function as a timeshare while we sort out what's next. We are open for business and have weeks available for rent and exchange (though almost all of our bulk banked RCI weeks have been snatched up already). The reason we are not part of the bankruptcy is that, for whatever reason, the developer set up our building as a separate condo association. We were better able to weather the insolvency crisis because we have quarter shares in our building that pay 60% of the revenue and pay fees every month rather than once/year. The QS owners also have much, much more skin in the game than weekly owners and therefore are easier to convince to keep paying fees to preserve their ownership rights and the value of the property. I am the condo president and am currently managing the reservations from off site.
 
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TUGBrian

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theo

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This case might become even more interesting. As noted previously (see post #5 above, from 12/12/2016), 80% of the ownership first needed to overtly consent and agree to terminate and that threshold was never actually met. It remains to be seen what, if any, that apparent procedural shortcoming will have (if any) on future developments in this matter.

What a mess...
 
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This case might become even more interesting. As noted previously (see post #5 above, from 12/12/2016), 80% of the ownership first needed to overtly consent and agree to terminate and that threshold was never actually met. It remains to be seen what, if any, that apparent procedural shortcoming will have (if any) on future developments in this matter.

What a mess...
The owners were never asked whether they wanted to terminate before the bankruptcy was filed. The board of trustees filed bankruptcy suddenly without prior notice, closed the buildings, laid off the workers, leaving dozens of vacationers stranded with no place to stay on Labor Day weekend. The first time owners were asked whether they wanted to terminate was when they were staring down the barrel of a bankruptcy...the bankruptcy trustee took a poll. Nobody had enough info or alternatives presented to make an informed decision. This is why I stepped in to pull my building out of the madness. I also knew (from consulting my own attorney) that legally the Trust owned nothing. And we were both shocked that the judge allowEd the bankruptcy to proceed past the first court appearance.
 

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I am reading this with much interest. Over the past few years, the Waves, an Ocean City Maryland based timeshare-also fell upon hard times. Non-paying owners, lots of debt etc.,. Lemonjuice CEO Alex Krakovsky, bought quite a few of the delinquent timeshare units and joined the board. I personally am glad he did as he spearheaded the bankruptucy and eventual auction of the units that the hoa and the association had in their possession. There had been little maintenance or upgrades to the units for years and the property was rejected by RCI and we could no longer deposit our weeks, we could use them, but only the weeks we owned, which took away the little flexability we had in usage. The owners were originally given the option of turning their weeks back in to the HOA. For those that held out and kept paying their maintenance fees they were in line to receive a portion of the proceeds, when the units finally made it to the auction block. And the hoa did get 100% of the owners to agree to the sale even if a few holdouts did eventually get strongarmed to do so. The auction took place back in the fall, and as of now, two distribution checks have been doled out. From my understanding there is one more small one to come, when the remaining four or five units are sold. I no longer have to worry about rising maintenance fees and special assessments.
I think this guy might be liquidating properties as a business. I still have almost a box of paperwork that went through the process, it wasn't simple but it did eventually work.
 

dioxide45

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I am reading this with much interest. Over the past few years, the Waves, an Ocean City Maryland based timeshare-also fell upon hard times. Non-paying owners, lots of debt etc.,. Lemonjuice CEO Alex Krakovsky, bought quite a few of the delinquent timeshare units and joined the board. I personally am glad he did as he spearheaded the bankruptucy and eventual auction of the units that the hoa and the association had in their possession. There had been little maintenance or upgrades to the units for years and the property was rejected by RCI and we could no longer deposit our weeks, we could use them, but only the weeks we owned, which took away the little flexability we had in usage. The owners were originally given the option of turning their weeks back in to the HOA. For those that held out and kept paying their maintenance fees they were in line to receive a portion of the proceeds, when the units finally made it to the auction block. And the hoa did get 100% of the owners to agree to the sale even if a few holdouts did eventually get strongarmed to do so. The auction took place back in the fall, and as of now, two distribution checks have been doled out. From my understanding there is one more small one to come, when the remaining four or five units are sold. I no longer have to worry about rising maintenance fees and special assessments.
I think this guy might be liquidating properties as a business. I still have almost a box of paperwork that went through the process, it wasn't simple but it did eventually work.
I am curious how much the distribution checks were?
 

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I owned one of the smaller two bedroom units, as of now there have been two checks that totaled approximately $7,000. I honestly have forgotten the exact amount. There is one more to come. Not bad when I consider how many vacations we have had there over the past 20 or so years, how many times I rented it out for a profit and how little I paid for it in the beginning-(less than $2,000 for two units) I sold the other one after about three years in.
 
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Massachusetts law (and Harbor Hill's master deed) allows us to terminate the timeshare with 80% of voting shares agreeing. Note that any shares owned by the condo association due to deed-backs do not count as voting shares.

Re: Lemonjuice. Yes, this is his business. People get upset because they think he is preying on the weak, but honestly when things get to this point most people are glad to eb done with paying fees. There is a tremendous load of work involved with terminating and selling, and he knows how to do it and is willing to take it on. Who else would do it? Not someone who owns a week they paid $2000 for who stands to make a $5K profit, that's for sure. And most TS boards are not capable of this or willing to do it, because what's in it for them? I see what Lemonjuice does as providing services and capital to struggling TS who need to re-org or terminate, and helping them achieve a successful termination. He profits by "consolidating" the intervals and selling them at the higher market value that they have as normal condos. He's kind of like a pawn shop for time shares. While it may be an awful thing to have to pawn your wedding ring ot get money when you need it, at least there is someone who is willing ot buy it from you so you can get the money you need. It's a win/win, but maybe some people think he takes too much of the profit. My feeling on that is that they should not sell their interval to him if that's how they feel.
 

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updated the TUG review page to point to this thread for anyone still interested in this resort and its fate (also since it appears from the post above at least one building is still operating)
 

cerralee

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He was very upfront about the owners who wanted out could deed them back to the HOA and be done with it. He also was very upfront that those that stayed the course could be in line to be compensated for their units. He didn't make any promises, but did say he thought it was a strong possibility that it would happen. I had sat through a few of the phone meetings and listened to all the ifs ands and buts that the HOA board had. The owners were few in regards to other huge timeshares, and in the end, there were less than 230 owners of units left. I met him over the summer at our last timeshare stay when they were auctioning off the last two properties that had defaulted on their maintenance fees. They needed to get them into the HOA so there was a clear line of ownership to finish up the process. I was tempted to bid on them knowing that there could be a profit for the new owner but declined as I felt it would have been kind of shady. The association, represented by Krakovsky, bought them, and the only other person there was the auctioneer. I stood around and listened to the conversation about what had to be done next and was satisfied that this man knew what he was doing and could get the job done. I was one that felt that getting something in hand was better than paying out for the next who knows how many years with a timeshare where the owners were dying off, not paying their fees and only looked liked fees would be going up and up and up.
 

nuwermj

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Please note: Building 3 of the now defunct Harbor Hill resort is NOT part of the bankruptcy and continues to function as a timeshare while we sort out what's next. We are open for business and have weeks available for rent and exchange (though almost all of our bulk banked RCI weeks have been snatched up already). The reason we are not part of the bankruptcy is that, for whatever reason, the developer set up our building as a separate condo association. We were better able to weather the insolvency crisis because we have quarter shares in our building that pay 60% of the revenue and pay fees every month rather than once/year. The QS owners also have much, much more skin in the game than weekly owners and therefore are easier to convince to keep paying fees to preserve their ownership rights and the value of the property. I am the condo president and am currently managing the reservations from off site.
Is there an update on what happened to Building 3? I note that there are no Harbor Hill listings in RCI [nor II] at the present time. So is Building 3 no longer a timeshare?
 
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