Wednesday, May 09, 2012

The Queen of Versailles: Let them eat McNuggets

The 2008 global recession affected a lot of people in a variety of different ways, but one of the more intriguing "riches to rags" stories revolves around time-share king David Siegel and his former beauty queen wife, Mrs. Florida 1993 Jackie Siegel.

And director Lauren Greenfield tells the tale in a very entertaining way in The Queen of Versailles, a 100-minute film shot over three years that had three screenings at the Hot Docs Canadian International Documentary Festival last week.

Siegel became a billionaire as the founder, chief executive officer and sole owner of the biggest private time-share company in the world, Westgate Resorts. Convinced that their 26,000-square-foot Florida mansion isn't big enough for them, their eight children, numerous servants, a menagerie of pets (and a few stuffed dead ones), the Siegels designed and started building the largest house in the United States based on the Versailles palace outside of Paris that housed French royalty in the 17th and 18th centuries.

Plans for the 90,000-square-foot lakefront home on 10 acres near Orlando, Fla. include: a ballroom that can accommodate 500 people; a wine cellar with room for tastings and 20,000 bottles; a giant aquarium made by the folks behind Sea World; 13 bedrooms; a couple dozen bathrooms; 11 kitchens; a separate wing for the children; a stage; two movie theatres; a two-lane bowling alley; a video arcade; a roller-skating rink; an indoor pool; a fitness centre; a spa; staff quarters; a half-acre deck with three pools, a waterfall and a rock grotto; a boathouse; a guardhouse; a sandy beach; a formal garden; a full-size baseball field that doubles as a parking lot; and two tennis courts, one with stadium seating.

Yes, it's ridiculous.

Siegel seems to be on top of the world as he keeps opening more resorts through the first part of the 21st century, including his crown jewel in Las Vegas. He even takes credit for getting George W. Bush elected president in 2004, but won't divulge details because it may or may not have been done legally.

When the global financial crisis hits, however, credit dries up for both Westgate and the customers who were buying vacation time at its properties with money they often didn't have. Construction halts on Versailles when it's only half-finished, Westgate is forced to lay off thousands of employees as all of its non-core assets are put up for auction and sell for much less than market value. Bankers order Siegel to sell Versailles for $15 million after he's already sunk $75 million into it, and the 52-storey Planet Hollywood Towers by Westgate property in Vegas may be pushed into foreclosure.

The Siegels lay off 19 staff members from their "modest" existing house, leaving them with four nannies, a housekeeper, dog poop everywhere and a starved to death lizard that one son didn't know they owned. Jackie, who'd become accustomed to spending $1 million a year on personal shopping, is still a compulsive spender -- but her sprees are now at Wal-Mart and McDonald's as the family tries to cut back and save money.

David, 76, tells Greenfield that his marriage to Jackie, 46, is like having another child. He keeps her in the dark about Versailles going into foreclosure and the magnitude of Westgate's financial woes to the point where she says, "I'll have to watch the movie to find out what's going on in my life."

David grows distant from Jackie as he locks himself away to try and figure out a way to get out of his hole and avoid declaring bankruptcy, and it's at this point where it becomes clear that Jackie is no gold-digger and that she deeply loves her husband.

Siegel was forced to sell the Vegas tower last November and one of the final scenes of The Queen of Versailles shows the lights going out on the Westgate logo. The company is now about half its former size, but is making about $125 million in profits annually and David claims he'll be totally out of debt in three years. And yes, the Siegels have hung on to Versailles and plan to finish it.

But while Jackie attended the world premiere screening of The Queen of Versailles at the Sundance Film Festival earlier this year and signed autographs afterward, David has called the documentary a terrible portrayal of the family even though he hasn't seen it yet.

The Queen of Versailles is a film that should be seen. It's enjoyable viewing and for those with less than a firm grasp on economics, you can also consider it a Dummy's Guide to the Perils of Debt Financing.

28 comments:

Anonymous said...

Hi, I think your wеbsite might be having bгοωser compаtibility isѕues.
When I look at your wеbsite in Сhrome, it loοks fine but ωhen
opening in Internet Explorеr, іt has sоme oveгlapping.
I just wantеd to give yοu a quick heads
up! Оther then that, fаntaѕtic blog!

Have a look at my pаge :: Motel Low cost (Hotels_Discount) about Tweets

Anonymous said...

I am nоt surе wheгe уou're getting your info, but great topic. I needs to spend some time learning much more or understanding more. Thanks for fantastic information I was looking for this information for my mission.

my blog post Lodgings pertaining to Visitors as well as Vacationers for you to Morocco

Anonymous said...

I've been surfing online more than 4 hours today, yet I never found any interesting article like yours. It is pretty worth enough for me. In my opinion, if all webmasters and bloggers made good content as you did, the net will be much more useful than ever before.

Take a look at my web page :: dnest CDL

Anonymous said...

Thіs is a topic which is near to my heart..
. Bеst wisheѕ! Ехactly wheгe are your сontact ԁetаils though?



Rеvіeω mу web page Common: Vacation

Anonymous said...

Hi tо all, aѕ I am in fact еageг of rеading thiѕ weblog's post to be updated regularly. It carries pleasant data.

My page ... whitianga function venue

Anonymous said...

Тoԁay, whilе I was at ωork, my sistеr stοlе mу iΡаd and
tested to see if it can ѕurvivе
a thirtу fοot drορ, just so she cаn be a youtube senѕation.
Мy аpple іpad is nοw broken anԁ shе has 83 vіeωs.
І knoω thіs is totally off toρіc but
I haԁ to sharе it with ѕοmeone!


Alѕo viѕіt my weblоg some special hotels of the world

Anonymous said...

I'm now not certain where you are getting your information, but good topic. I must spend a while finding out much more or understanding more. Thank you for great information I was searching for this information for my mission.

My homepage Lodge Discounted (Hotels_Discount) on Twitter

Anonymous said...

Thаnks a bunch for sharing thiѕ with all of us уou аctually know what you are tаlking аbout!
Βookmarked. Please additiοnally dіscuss with mу web site
=). We can have a link alternate agreement among uѕ

Also vіsit my homepage - Discounted Fresh Orleans Resorts
Also see my page: Discount Brand new Orleans Motels

Anonymous said...

Hi! I knoω this is κinda off topіc howevеr
I'd figured I'd ask. Would you be intеreѕtеd in exсhangіng links oг maуbe guest writing a blog pοst oг viсe-νersa?
My sіte gоeѕ oveг a lоt of the sаmе topics аs уourѕ аnԁ Ι
think we сoulԁ gгeatly bеnеfit
from eаch othеr. If you might be inteгeѕtеd feel freе to send me an e-mail.
I lоok fогwaгd to heагing from
уou! Αωesome blog by thе wаy!



Μy web page - The italian capital might be a good spot to go to. Ancient rome Resorts

Anonymous said...

I am sure this post has touched all the internet viewers,
its really really fastidious piece of writing on building
up new weblog.

Feel free to visit my site: School of Nursing's programs

Anonymous said...

It's very straightforward to find out any matter on web as compared to textbooks, as I found this piece of writing at this website.

My homepage; Mehran Muslimi Tips 2013 Android Devices

Anonymous said...

I've read some just right stuff here. Definitely value bookmarking for revisiting. I wonder how a lot attempt you put to create any such excellent informative site.

Stop by my web site :: buy natox

Anonymous said...

The decor on the inside of the restaurant is absolutely beautiful.
At the end of each round read out the cumulative scores.
Her father, Bruce Paltrow, produced the critically acclaimed TV series that is considered the precursor to many
medical shows today, St.

Here is my weblog: free quiz answer sheets

Anonymous said...

Also, we need to determine the rounds of the quiz according
to it. At the end of each round read out the cumulative scores.
28.

Stop by my blog: pub quiz austin texas

Anonymous said...

G# or Ab - (lower) so#, (middle) do, (middle) re# G#,
C, D# keys. Now among the advice of your educational materials, shoring jar discover all
the things of the substitute chords. offers free online
piano lessons.

My weblog: piano chords amazing grace my chains are gone

Anonymous said...

The players would begin as members of the SCA, going to Phoenix for
the Estrella War. Unfortunately for me as an addict, I need my
crime fix. Every Halloween party that people remember later in the year by saying things like "Do you remember so-and-so's Halloween party last year.

My site; interest rates

Anonymous said...

Also, we need to determine the rounds of the quiz according to it.
At the end of each round read out the cumulative scores.
8.

Feel free to visit my web site :: good pub quiz names

Anonymous said...

G# or Ab - (lower) so#, (middle) do, (middle) re# G#, C, D#
keys. Do not overlook this part of your learning. Best Regards.


Look at my web site :: right here waiting piano chords and tabs

Anonymous said...

Its peak season, June through August, is smack in the middle of New
Braunfels' hottest, sunniest weather season. You might even find yourself flying over top of other riders, so keep your limbs as close to your tube as possible. If you love racing, you'll want to check out Der Bahn in Schlitterbahn
West.

my page: water shoes

Anonymous said...

The players would begin as members of the SCA, going to Phoenix
for the Estrella War. A murder mystery game is a
fun way to pass the time during the twenties theme party.
Every Halloween party that people remember later
in the year by saying things like "Do you remember so-and-so's Halloween party last year.

my weblog - cingular com

Anonymous said...

Hеy are uѕing Wordprеѕѕ for youг site ρlatfοгm?
Ι'm new to the blog world but I'm tryіng to get ѕtarted and
set up my own. Dο you require any coding κnowleԁge to make your
οwn blog? Αny hеlρ wоulԁ be reаlly аpρrecіated!


Viѕit my hоmeраge :
: Accommodations at TravelSupermarket | Evaluate and book affordable resorts on the web - TravelSupermarket.com

Anonymous said...

Hi there соlleaguеs, its fаntastic post regardіng
cultureand completely exρlаіned, keep it up all the time.


Also vіsit my wеb page: Accommodations at TravelSupermarket | Assess and guide affordable resorts on the net - TravelSupermarket.com

Anonymous said...

The only hurdle to accessing this is of course human limitations and the fact
that the brain does not function solely as a learning tool for the human being.
Below are listed a few popular pubs where one can chill
in Mumbai. They feature almost nightly drink specials and some form of entertainment
every night of the week--DJ's, live music, trivia, you name it.

my blog post - pub quiz archive

Anonymous said...

S Voice has been advertised to do certain things Siri couldn't, like launch a camera app or a voice recording app, however I don't think I was able to get much out of S Voice.
These are community cards and they are dealt to the center of the table.
The design of the phone with slightly round configuration makes it common to the looks of the Samsung Galaxy Nexus.


My webpage: galaxy s3

Anonymous said...

Some were practical, of course, but others were psychological and emotional.
* Team answer sheets - Basically a grid lined A4 type
sheet with answer write in numbered boxes and a line on top for the team name.
The food is decent and the drink specials on Tuesdays include $2.



My web page - pub quiz and answers

Anonymous said...

Also, we need to determine the rounds of the quiz according to it.
Local country clubs are offering trivia fun for as little as
forty dollars per couple. 8.

Here is my site; good pub quiz names

Anonymous said...

Narrow blood vessels lie alongside the intestines
of the earthworm and they absorb the nutrients from the alimentary canal feeding the rest of the
body. You must definitely be planning to make it special and
memorable by keeping a good theme, ordering the best food and choosing the best games.
The buccal cavity is a small cavity that has neither jaws nor teeth.


Here is my web site; Free Quiz Answer Sheets

Mačak Stipe said...

Also visit my Blogs and Sites

1. http://ljekovitasvojstvabiljaka.blogspot.com
2. http://top-recepti.blogspot.com
3. http://topblogovi.weebly.com

Thans for all yours visit...