David Alan Siegel was born on 3 May 1935, in Chicago, Illinois USA, to Sadelle and Sid Siegel, of Jewish descent. He is a businessman, best known as the founder, president, and CEO of a national timeshare company, Westgate Resorts Ltd., but also for starring in the documentary “The Queen of Versailles”.
A famous entrepreneur, how wealthy is David Siegel? According to sources, in mid-2016 Siegel has amassed a net worth of over $500 million, his wealth having been established through his various business ventures. His assets include a famous Versailles house, and a 90,000 square-foot estate in Florida which is still under construction, which once finished is expected to be estimated at over $100 million, supposedly the fourth most expensive home in the USA.
David A. Siegel Net Worth $500 Million
Siegel was raised in a Jewish middle-class family who owned a grocery business. In 1945 his family moved from Chicago to Miami, where he attended Miami Senior High School. After matriculating in 1953, he enrolled at the University of Miami to study marketing and management but eventually dropped out of college and pursued a career as a real estate broker.
In 1970 Siegel founded a real estate development company called Central Florida Investments Inc.. Over the years, the company’s success grew, and today it represents the largest privately owned company in the Central Florida area, with Siegel serving as its CEO.
In 1982 he founded Westgate Resort at Westgate Vacation Villas, which has since functioned as a subsidiary of Central Florida Investments, Inc.. The company saw enormous success, now comprising 28 resorts in the USA.
Its holdings include Westgate Lakes Resort & Spa, Westgate Towers, Westgate Smoky Mountain Resort & Spa, Westgate Flamingo Bay, Westgate Park City Resort & Spa, Westgate River Ranch, and Westgate Historic Williamsburg, among many others. In 2014 the company purchased the Las Vegas Hotel & Casino, the Cocoa Beach Pier, and the Orlando Predators football team. Its most recent addition has been the Wild Bear Inn in Tennessee. Westgate Resorts/Central Florida Investments Inc.
have evolved into one of the largest privately-owned timeshare companies in the world, employing more than 10,000 workers around the USA. Since the company was formed, Siegel has remained its President and CEO.
Aside from the Westgate Resorts, Central Florida Investments, Inc. manages condominiums, real estate, constructions, hotels, apartments, insurance, magazines, travel services, retail, telecommunications, and various other businesses. Its properties are located in Florida, Utah, Tennessee, Nevada, Virginia, Missouri, Mississippi and South Carolina. As the owner of such successful businesses, Siegel has established himself as an important figure in the industry and enabled himself to amass a considerable net worth.
His hard work and success have also brought him numerous honors and awards. He was recognized as Entrepreneur of the Year for the State of Florida and finished second in the “Entrepreneur of the Year” national competition. He has also received the National Community Service Award from the American Resort Development Association and an honorary doctorate from Florida A&M University for his work in community service.
In 2012 Siegel starred in the documentary “The Queen of Versailles”, along with his wife Jackie Siegel, portraying the couple’s building of their Versailles home, as well as the financial downfall they faced during the Great Recession.
Siegel has married three times. In 1961 he married Geraldine Sanstrom, with whom he has three children. After their divorce in 1968, he married Bettie Tucker in 1970, and they also have two children. In 1997 Siegel divorced Tucker and married Jacqueline Mallery in 2000. The couple has eight children together, including Jackie’s two daughters from her previous marriage. One of their daughters died of drug addiction in 2015.
Siegel is a dedicated philanthropist; he founded the Westgate Resorts Foundation, which raises around $3 million per year for numerous charities.
However, the entrepreneur has also been involved in controversy. In 2008 he had a sexual harassment lawsuit filed against him by one of his employees. He also caused controversy in 2012, when he sent an email to all of his employees, attempting to persuade them to support the Republican Party candidate Mitt Romney.
Also in 2012, Siegel sued the producer of “The Queen of Versailles”, Lauren Greenfield, for defamation in connection with his financial affairs, which was dismissed, as was a subsequent lawsuit against the actual filmmakers.
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