David Siegel, an American businessman and entrepreneur, is best known as the founder and CEO of Westgate Resorts, one of the largest privately held timeshare companies in the world. His rise to fame and wealth has been the subject of widespread interest, particularly due to his involvement in the real estate and hospitality industry. He also garnered attention for his extravagant lifestyle, most notably featured in the documentary The Queen of Versailles. This article delves deep into the life, career, net worth, and other key aspects of David Siegel, providing an updated and detailed account of his journey to becoming a business mogul.
| Details | Information |
| Full Name | David Alan Siegel |
| Date of Birth | May 3, 1935 |
| Place of Birth | Chicago, Illinois, U.S. |
| Education | University of Miami (dropped out) |
| Occupation | Entrepreneur, Businessman |
| Known For | Founder and CEO of Westgate Resorts |
David Siegel was born in Chicago, Illinois, in 1935, to Sadelle and Sidney Siegel. He grew up in Florida after his family moved there during his early years. Siegel attended Miami Senior High School and later pursued his education at the University of Miami but left before completing his degree. Despite lacking formal business education, his entrepreneurial spirit and ambition were clear from the start. His early ventures included working in electronics, real estate, and marketing.
| Year | Event |
| 1982 | Founded Westgate Resorts |
| 2001 | Opened Westgate Smoky Mountain Resort & Spa |
| 2009 | Expanded Westgate properties across 28 locations |
| 2014 | Westgate acquired The Las Vegas Hotel & Casino |
Westgate Resorts became a pioneer in the timeshare industry under Siegel’s leadership. The company boasts over 28 resorts, with flagship locations in Orlando, Las Vegas, Myrtle Beach, and Park City. David Siegel’s business model centered around providing luxury accommodations at affordable rates, which helped him attract a loyal clientele over the years.
As Westgate Resorts continued to grow, Siegel expanded the company’s operations to cover luxury resorts, spas, and timeshares across the United States. However, the 2008 financial crisis was a significant setback for the timeshare industry, affecting Siegel’s wealth and business operations. Westgate’s expansion slowed, and the company faced challenges in financing large projects.
Despite these challenges, Siegel persevered. Westgate’s acquisition of the Las Vegas Hotel (formerly known as the Las Vegas Hilton) in 2014 was one of his boldest moves. This acquisition further cemented his status as a visionary leader in the hospitality industry.
David Siegel gained widespread media attention with the 2012 documentary The Queen of Versailles. The documentary focused on Siegel, his wife Jackie, and their attempt to build the largest private residence in the United States—a sprawling 90,000-square-foot mansion modeled after the Palace of Versailles.
The construction of the mansion was halted due to the 2008 financial crisis, which significantly affected Siegel’s finances. However, the documentary offered a candid look into the lives of the Siegels, revealing the opulent lifestyle they led as well as the challenges they faced.
| The Queen of Versailles: Key Facts | Information |
| Documentary Release | 2012 |
| Directed By | Lauren Greenfield |
| Focus | Siegel family and their lavish estate construction |
| Mansion Size | 90,000 square feet |
| Construction Status | Still under construction (as of the latest updates) |
| David Siegel’s Personal Life | |
| Personal Details | Information |
| Spouse | Jacqueline “Jackie” Siegel (m. 2000) |
| Children | 11 |
| Hobbies | Philanthropy, real estate, business |
| Philanthropy Focus | Healthcare, education, and veteran support |
David Siegel married Jacqueline “Jackie” Siegel in 2000, and the couple shares several children. Jackie is also a well-known socialite and philanthropist. Their personal life was brought into the limelight through the Queen of Versailles, which portrayed the highs and lows of their marriage, especially during the financial difficulties brought on by the Great Recession.
In 2015, the family suffered a devastating loss when their daughter, Victoria Siegel, passed away from a drug overdose. Since then, both David and Jackie have become advocates for drug addiction awareness and prevention.
David Siegel is actively involved in several philanthropic efforts, particularly those focused on healthcare and education. His company, Westgate Resorts, has been a supporter of veteran initiatives, including providing vacation stays for military families and donating to veteran organizations.
| Year | Estimated Net Worth |
| 2007 (Pre-Recession) | $1 billion |
| 2010 | $100 million (post-recession) |
| 2023 (Latest) | Approximately $500 million |
David Siegel’s net worth fluctuated dramatically over the years due to economic conditions and changes in the real estate market. Prior to the 2008 recession, his fortune was estimated at nearly $1 billion. However, the financial crisis severely impacted his timeshare business, bringing his net worth down to an estimated $100 million in 2010. Since then, Siegel has rebuilt his empire, and as of 2023, his net worth is estimated to be around $500 million.
David Siegel is regarded as a pioneer in the timeshare industry. He revolutionized the market by providing high-end vacation experiences at competitive prices. His ability to adapt and survive through various economic downturns has made him a respected figure in the industry.
| Siegel’s Contributions to Timeshare | Description |
| Affordable Luxury | Introduced luxury vacation resorts at affordable prices |
| Expansion of Timeshare Properties | Grew Westgate to over 28 resorts across the U.S. |
| Survival Through Recession | Adapted business model to survive the 2008 recession |
David Siegel has not been shy about expressing his political views. He was a strong supporter of President Donald Trump during the 2016 presidential campaign. In fact, Siegel is known to have sent a memo to his employees during the 2012 election, urging them to vote for Mitt Romney, warning that their jobs could be at risk if President Obama was re-elected.
| Political Involvement | Details |
| 2012 Election | Supported Mitt Romney, sent employee memo urging votes |
| 2016 Election | Strong supporter of Donald Trump |
| Controversies | Criticized for influencing employee voting decisions |
Despite the setbacks he has faced, David Siegel remains optimistic about the future of Westgate Resorts. His vision for the company includes further expansion into luxury resorts and maintaining the high standard of customer service that Westgate is known for. Siegel continues to focus on growth opportunities and adapting his business to the evolving needs of the travel industry.
| Westgate Resorts Future Goals | Details |
| Expansion Plans | Expanding to new luxury destinations |
| Digital Transformation | Integrating advanced technology in customer services |
| Timeshare Evolution | Adapting to changing vacation trends |
David Siegel’s influence on the hospitality industry and his resilience in the face of adversity are testaments to his enduring entrepreneurial spirit. As Westgate Resorts continues to evolve, his legacy as one of the key figures in the timeshare industry is secure.
| Controversy | Details |
| Employee Voting Memo (2012) | In the lead-up to the 2012 presidential election, Siegel sent a memo to Westgate employees urging them to vote for Mitt Romney. The memo suggested that their jobs could be at risk if President Obama was re-elected, leading to criticism of Siegel’s attempt to influence employee voting decisions. |
| Support for Donald Trump (2016) | Siegel was a prominent supporter of Donald Trump during the 2016 presidential campaign. His political endorsements and contributions attracted media attention and criticism, especially given his public statements and actions supporting Trump’s policies. |
| Recession Impact and Employee Layoffs | During the 2008 financial crisis, Westgate Resorts faced significant financial difficulties, leading to layoffs and salary cuts. Siegel’s handling of these layoffs, combined with his public persona, drew criticism from employees and the media. |
| Construction Halt of Versailles Mansion | The construction of the Siegel family’s extravagant 90,000-square-foot mansion, known as “The Versailles,” was halted due to financial difficulties from the 2008 recession. This led to public scrutiny and criticism of Siegel’s lavish lifestyle amid economic hardship. |
| Year | Estimated Net Worth | Notes |
| 2007 | $1 billion | Pre-recession peak; Siegel’s wealth was at its highest. |
| 2008-2009 | $200-300 million | Significant drop due to the financial crisis and recession. |
| 2010 | $100 million | Continued effects of the recession; financial difficulties. |
| 2015 | $200 million | Partial recovery; ongoing business adjustments and growth. |
| 2020 | $300 million | Recovery in the real estate and hospitality sectors. |
| 2023 | $500 million | Recent estimates; stabilized and expanded business operations. |
David Siegel’s net worth – Frequently Asked Questions
David Siegel still owns the Versailles mansion, though its construction has been significantly delayed. The mansion, which began construction in 2004, faced several financial and logistical challenges, especially during the 2008 financial crisis. While Siegel’s ownership is still intact, the project has not been completed.
No, the Versailles mansion has not been finished. Construction was halted multiple times due to financial difficulties and other issues. The project remains incomplete, with substantial work still needed.
The house featured in The Queen of Versailles is not completed. The documentary, which aired in 2012, highlighted the halted construction and financial struggles of the Siegel family. As of now, the mansion remains unfinished.
David Siegel and his family still own the Versailles mansion. Despite the halted construction, the property remains in their name.
The estimated value of the Versailles mansion, if completed, could be around $100 million or more. However, the current value is difficult to assess accurately due to the incomplete status of the property.
Yes, the Versailles mansion still exists. It is located in Windermere, Florida, and remains under construction. The exterior of the mansion is partially completed, but the interior remains unfinished.
Yes, Jackie and David Siegel are still married. Despite facing numerous personal and financial challenges, including the tragic loss of their daughter Victoria, the couple has maintained their marriage.
David Siegel made his fortune primarily through his ownership of Westgate Resorts, one of the largest privately held timeshare companies in the world. His wealth also comes from various real estate investments, including luxury resorts and properties. He initially started in the real estate and construction business before founding Westgate Resorts in 1982.
David Siegel’s journey from modest beginnings to becoming a timeshare magnate is a remarkable story of perseverance and ambition. Through Westgate Resorts, he has transformed the vacation ownership industry, providing luxurious yet affordable vacation options for millions of families. Despite the financial challenges, including the 2008 recession, Siegel has rebuilt his business and continues to lead Westgate Resorts to greater heights. His wealth, influence, and determination have left an indelible mark on the hospitality and real estate sectors, solidifying his legacy as one of the most successful entrepreneurs in the United States.
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