Spinnaker French Quarter Resort has been sold - the end is near

[SusanRN]

There may be differences between Missouri and Virginia law, but yea, this hasn’t seemed to require a lot of owner participation.

A few things I do know.
1. I never remember receiving a form to vote to accelerate the sunset clause
2. We haven’t signed anything to transfer the deed
3. I did fill out their survey and indicated we were selecting the option to relinquish or deed
4. MF’s were due this year and I choose to not pay them

I would have remember a vote to accelerate the sunset clause and would have posted it on the other thread so other TUG members would be in the look out for theirs.

As I reported in the original thread, I *did* receive a deed to sign and have notarized, which I did. I was not billed for a maintenance fee in fall 2025.

 

[dougp26364]

As I reported in the original thread, I *did* receive a deed to sign and have notarized, which I did. I was not billed for a maintenance fee in fall 2025.

Then I guess I’m still an owner. I didn’t receive anything to sign the deed back but I did receive a MF pulling notice which I did not pay.

I do not expect to receive anything proceeds from the sale but I also will not be paying any additional fees that might be billed

 

[Laurie]

I did surrender a deed at a resort (which had been taken over by Capital) that was closed to owners under claims it was unsafe, then terminating, and then handled by Lemon Juice, when Capital initially offered a paltry amount. I took it, rather than continue paying MF's on something we couldn't use -- figuring something was better than nothing. The building closed to owners, and then was sold at an amount many figured would get them some proceeds. Some others claimed they wouldn't ever part with their deeds, figuring they could prevent the sale from happening because they were still legal owners on record. There was never any vote, that owners who hadn't surrendered deeds and still kept up with MF's, were notified about. The building was sold at auction.

I kept up with the process from owners' point of view. It was all very shady, and inconsistent as far as who got any proceeds and who didn't. I had thought Lemon Juice might operate ethically and fairly, but they did not. Some had kept up with MF's and got nothing. Some hadn't, and got the little ending distribution. There were outrageous fees deducted from the sale price to determine the distribution amounts!!

In the end, I walked away with the $250 to surrender my deed, though I'd paid one extra MF but didn't get use that year. I calculated that had I paid another MF, which theoretically would have qualified me for a payout, I might have walked away with another $75 ($325 total) after 2 more years. This was Beach House in Myrtle Beach. STILL NOW: some owners can't believe they hold deeds, never surrendered, still showing as active in county courthouse, and can't gain entry or use of any kind. They searched but couldn't ever find a lawyer who would take their cases. The building is partly occupied now, assumedly by renovators, and is being prepared for re-opening under different ownership.

Long way of saying, don't be attached to any expectation, which it sounds like you aren't.

 

[bauerej]

One thing that puzzles me the apparent poor management by Spinnaker. I have never been to this property, but I own at a Spinnaker property in Hilton Head (Waterside). From our experience that property has been the best managed of any timeshare we have been associated with.

 

[Larry M]

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LemonJuice seems to do a lot of these. It takes a while but for paid-up owners, the results are pleasing. In my case (Edisto Island, 2020), the structures were worth renovating. The proceeds for the sale were divided among the units. Each unit was renovated in sequence. The cost of the individual renovation was subtracted from the proceeds, and the remainder was divided among the paid-up users.

In my case, the week I had bought for a little less than $1500 (price + closing costs) brought me a little more than $5500, more than a year after shutdown.

 

[dougp26364]

LemonJuice seems to do a lot of these. It takes a while but for paid-up owners, the results are pleasing. In my case (Edisto Island, 2020), the structures were worth renovating. The proceeds for the sale were divided among the units. Each unit was renovated in sequence. The cost of the individual renovation was subtracted from the proceeds, and the remainder was divided among the paid-up users.

In my case, the week I had bought for a little less than $1500 (price + closing costs) brought me a little more than $5500, more than a year after shutdown.

Based on their sales price, this resort isn’t going to bring anywhere near your result.

There are 96 keys. 48 one bedroom and 48 two bedroom units. The sales price is $4,750,000.00. Divided that by 96 is roughly $49,500. Divide that by 51 and you get $971 per owner……and this is before they deduct the expenses Lemonjuice will take for handling the process. Since the MF I didn’t pay were right in that range, my expectations are I won’t see a penny.

 

[Chucez]

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Wonder if those in control had friends make the buy???

 

[dougp26364]

Wonder if those in control had friends make the buy???

Branson is a small town with small town politics. Everyone knows everyone, so probably.

In all fairness, I’ve read more than one report about tourism in Branson tanking this year, so it wouldn’t surprise me to see commercial sale prices lower than if the market was hot. I don’t see this project co tinging as a timeshare. I also don’t see it being raised and the property used for commercial purposes like a restaurant, stores or some new tourist attraction. I imagine a real estate developer is going to come in, gut the units and then sell them as full ownership condo’s. Personally, if I was going to own a condo in that part of the country, I’d rather own something much closer to the lake.

 

[SusanRN]

In all fairness, I’ve read more than one report about tourism in Branson tanking this year, so it wouldn’t surprise me to see commercial sale prices lower than if the market was hot. I don’t see this project co tinging as a timeshare.

The reduction in tourism and lower whole condo prices is widespread in resort areas this year. Certainly that's true in Ocean City, Maryland, where I own two summer weeks. Legacy timeshares are having a hard time.