David Siegel Net Worth: David Siegel is a well-known American businessman who rose to prominence in the real estate industry. He is the founder and CEO of Westgate Resorts, a timeshare company that has grown to be one of the world's largest privately held timeshare companies.
David Siegel has amassed a significant net worth over the course of his four-decade career, making him one of the wealthiest people in the United States. In this article, we will explore David Siegel net worth and the factors that have contributed to his success.
Who Is David Siegel?
David Alan Siegel was born to Jewish parents Sadelle and Sid Siegel on May 3, 1935, in Chicago, Illinois, USA. He is a businessman who has appeared in the documentary “The Queen of Versailles” and is best known as the founder, president, and CEO of a national timeshare corporation, Westgate Resorts Ltd.
Quick Facts About David Siegel
| Full Name | David A. Siegel |
| Date of Birth | 1935 |
| Birth Place | Chicago, Illinois, United States |
| Marital Status | Married (Jackie Siegel) |
| Source of Wealth | Westgate Resorts, Ltd |
| Nationality | United States |
| Ethnicity | Jewish |
| Occupation | Entrepreneur |
| Education | University of Miami |
| Children | 8 (Jacqueline, Jordan, Debbie, Drew, Daniel, Victoria, Jonquil, David) |
What Is David Siegel Net Worth?
David's success in business and his ability to amass a fortune as president and founder of Westgate Resorts are beyond reproach. Since 1971, he has also served as the president and CEO of Central Florida Investments Inc.
David is also the mastermind behind the Orlando-based company CFI Resorts Management Inc. To put that in perspective, CFI Resorts Management Inc. is said to employ over five thousand people. Simply put, the company brings in a lot of money.
According to Celebrity Net Worth, he is currently worth around $500 million.
Let's Take A Look At David Siegel's Career
Mysterious Fun House, an Orlando attraction founded in part by Siegel, first opened to the public on March 29, 1976 and closed in 2001. In 2002, he produced the film Night Horror. He is the current President and CEO of Westgate Resorts, Ltd., the highly successful timeshare firm he started.
He is the Chief Executive Officer (CEO) of both Westgate and Central Florida Investments (CFI) Resorts Management (CFIRM). His company has holdings in a variety of industries, including those related to travel, transportation, retail, telecommunications, and building and construction.
Siegel's net worth once exceeded $1 billion, but the economic downturn of 2008 severely impacted his many different business endeavors. When he infamously promised to terminate his whole staff through email if President Obama was re-elected in 2012, he shot to fame.
He didn't actually do what he threatened to do. He and actor Jeremy London “wife swapped” on an episode of “Celebrity Wife Swap” on ABC in 2015.
Queen of Versailles
The documentary “The Queen of Versailles,” directed by Lauren Greenfield, focuses on Siegel and his wife Jackie. In the film, the family tries to construct the largest and most expensive single-family home in the United States, dubbed “the Versailles mansion“.
The video also details the Siegels' battles to sell valuable personal possessions in the face of mounting debt at home and in the business, as the U.S. economy begins to tank. In the film, Siegel struggles but ultimately fails to keep his Las Vegas high-rise resort, the PH Towers Westgate, in his family's possession.
Before 2008, the couple constructed a mansion inspired by Versailles, France, and it was widely thought to be the largest in the United States. Around $50 million was spent on construction, and another $25 million was spent on furnishings, for a total of nearly $90 million.
The Siegels had a hard time finding a buyer for their property even though they had expected to receive between $100 million and $150 million. The construction of Versailles continues till September 2020.
In addition to its many other features, when Versailles is finished it will boast 14 bedrooms, 32 bathrooms, 11 kitchens, a theater, a roller rink, a bowling alley, a 30-car garage, three stories, two elevators (including a gold one), and a whole lot more.
The estimated value of the property is about $30 million. The Siegels sued the documentary's creators twice, but were unsuccessful in both cases.
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