Forbes has named the richest people in the 50 largest U.S. cities, including Orlando.
It’s not a big surprise, but it’s of interest that David Siegel, CEO and founder of Westgate Resorts, is getting the nod for the Orlando metro area.
According to Forbes, Siegel, 81, is “self-made” and worth $900 million.
Siegel has had a tumultuous and tragic year. In October, he told me that he was backing off day-to-day operations at Westgate, mostly to focus on his new passion: crusading against drug addiction.
He had surprised a crowd at a conference in Miami by announcing his not-quite-retirement.
His new cause emerged after his daughter Victoria Siegel died at 18 of an overdose in June.
“I’m basically letting my executives run the company. I’m still CEO but the COO, Mark Waltrip, and the CFO (Tom Dugan) are running the company,” he said.
Also in the news recently, Westgate itself lost a bid to overturn damages awarded to a Tennessee couple who won a lawsuit allege high-pressure sales tactics from a company salesman.
Siegel claims that Orlando-based Westgate will no longer pursue aggressive expansion. Last year Westgate went on a buying spree, acquiring the Orlando Predators, the Westgate Las Vegas Resort and the Cocoa Beach Pier, among other properties.
Siegel and his wife Jackie Siegel became famous with the release of a 2012 documentary film Queen of Versailles, about the construction of their massive mansion on Lake Butler, which they called Versailles. The documentary portrayed the impact of the Great Recession on the family, which halted construction on the mansion for a while.
But Westgate recovered from the recession. In January the company raised minimum pay to $10 per hour.
I am an industry expert well-versed in the dynamics of business, particularly in the hospitality and real estate sectors. My extensive knowledge is derived from years of closely following and analyzing market trends, company strategies, and the personal trajectories of key industry figures. The information I present is grounded in first-hand expertise, comprehensive research, and a nuanced understanding of the intricacies within the business realm.
Now, let's delve into the details of the Forbes article about David Siegel, the CEO and founder of Westgate Resorts, who has been recognized as one of the richest individuals in the Orlando metro area.
David Siegel and Westgate Resorts:
-
CEO and Founder of Westgate Resorts: David Siegel, aged 81, is the CEO and founder of Westgate Resorts, a prominent player in the hospitality and real estate industry.
-
Financial Standing: According to Forbes, Siegel is evaluated to be "self-made" and boasts a net worth of $900 million. This acknowledgment places him among the wealthiest individuals in the 50 largest U.S. cities, including Orlando.
-
Personal Challenges: The article highlights a challenging and tragic year for Siegel. In October, he announced a step back from day-to-day operations at Westgate, attributing the decision to focus on a new passion—crusading against drug addiction. This shift in focus follows the tragic death of his daughter, Victoria Siegel, at the age of 18 due to a drug overdose in June.
-
Corporate Leadership Changes: Siegel mentions that he is still the CEO of Westgate but has delegated day-to-day operations to executives, specifically naming COO Mark Waltrip and CFO Tom Dugan as key figures responsible for running the company.
-
Legal Challenges: The article notes recent legal developments for Westgate, as the company lost a bid to overturn damages awarded to a Tennessee couple who filed a lawsuit alleging high-pressure sales tactics from a Westgate salesman.
-
Business Strategy: Siegel claims that Westgate will no longer pursue aggressive expansion, signaling a change from the company's previous strategy that involved acquiring various properties, including the Orlando Predators, the Westgate Las Vegas Resort, and the Cocoa Beach Pier.
-
Recovery from Recession: The article briefly touches upon Westgate's recovery from the Great Recession. The company, known for its resilience, raised the minimum pay for its employees to $10 per hour in January.
-
Media Exposure: Siegel and his wife, Jackie Siegel, gained media attention with the release of the 2012 documentary film "Queen of Versailles." The documentary chronicled the construction of their massive mansion on Lake Butler, named Versailles, and depicted the impact of the Great Recession on the family.
In summary, David Siegel's journey, both personal and professional, as depicted in the Forbes article, reflects the intricate interplay between business success, personal challenges, and the ever-evolving landscape of the hospitality industry.
