David Siegel

David Siegel is an American businessman best known as the founder and former chief executive officer of Westgate Resorts, one of the largest privately-owned timeshare companies in the world. His career in the vacation ownership industry spans several decades, during which he built a vast empire of resorts, notably including the massive Westgate Las Vegas Resort & Casino. Siegel and his family gained significant public attention through their portrayal in the documentary film The Queen of Versailles, which chronicled the construction of their opulent Florida mansion and the impact of the Financial crisis of 2007–2008 on their business and lifestyle.

Early life and education

David Siegel was born in 1935 in Chicago, Illinois. He demonstrated an entrepreneurial spirit from a young age, engaging in various small business ventures. After completing his secondary education, Siegel pursued higher education at the University of Miami, where he studied business administration. His time in Florida proved formative, exposing him to the state's burgeoning tourism and real estate markets, which would later become the foundation for his career.

Career

Siegel's professional journey began in the direct marketing and prize promotion industry, where he honed his skills in sales and customer acquisition. He entered the timeshare business in the 1970s, recognizing the potential of vacation ownership as a lucrative model within the broader hospitality industry. In 1982, he founded Central Florida Investments, the parent company for his growing portfolio of properties. His aggressive sales tactics and focus on developing large-scale resort properties, particularly in Orlando and Las Vegas, fueled rapid expansion. Under his leadership, the company, which later operated under the Westgate Resorts brand, became a dominant force, operating numerous resorts across the United States, including in Hawaii, Tennessee, and Utah.

Westgate Resorts

Westgate Resorts became Siegel's flagship enterprise, synonymous with large, amenity-rich vacation ownership properties. The company's crown jewel was the Westgate Las Vegas Resort & Casino, a major timeshare and hotel complex located just off the Las Vegas Strip. Other significant properties included the Westgate Lakes Resort & Spa in Orlando and the Westgate Smoky Mountain Resort & Spa in Gatlinburg. The company's business model relied heavily on aggressive on-site sales presentations to tourists. At its peak, Westgate Resorts employed thousands of salespeople and was considered one of the largest privately-held timeshare operators, competing with major players like Marriott Vacations Worldwide and Wyndham Destinations.

Legal and financial issues

Siegel and Westgate Resorts have faced numerous legal challenges and financial controversies over the years. The company has been the subject of thousands of consumer complaints and multiple investigations by state attorneys general, including those in Florida and Tennessee, regarding its sales practices and contract terms. The Financial crisis of 2007–2008 severely impacted the timeshare industry and Siegel's empire, leading to significant debt, layoffs, and the near-foreclosure on the Westgate Las Vegas Resort & Casino. These struggles were central to the narrative of the documentary The Queen of Versailles. In subsequent years, Siegel engaged in legal battles with financial institutions like Credit Suisse and faced lawsuits from timeshare owners' associations.

Personal life

David Siegel has been married multiple times and has eight children. He is most famously married to former Mrs. Florida USA winner Jacqueline Siegel, whose lavish lifestyle was featured prominently in The Queen of Versailles. The couple embarked on constructing a colossal mansion inspired by the Palace of Versailles in Windermere, a project that was stalled by financial difficulties. Siegel is known for his philanthropic contributions, particularly in Central Florida, including donations to the Arnold Palmer Hospital for Children and other local charities. He and his family have maintained a high-profile presence in Orlando society and the national media.

Category:American businesspeople Category:American timeshare executives Category:1935 births Category:Living people