Orlando Business Journal
David and Jackie Siegel, the king and queen of Orlando-based Westgate Resorts, are both well past ready to see the completion of their massive Isleworth home, Versailles — but there’s still a ways to go.
The 90,000-square-foot Versailles mansion has been under construction for more than a decade and has its own celebrity status, thanks to the 2012 documentary, ” The Queen of Versailles.” But one thing the house doesn’t have yet is tenants, as construction has been off and on for years.
David and Jackie Siegel’s 90,000-square-foot Versailles home is slated to be finished before the end of the year.
Last night at the Orange County Property Appraiser Rick Singh’s State of Commercial Real Estate Event at the Wyndham Orlando Resort International Drive, Orlando Business Journal asked David Siegel how the mansion was coming along. He responded with one word: “Slowly.” However, he said the home is still a couple of years out from completion, which would make it a near 15-year project.
Jackie Siegel was a bit more optimistic, predicting 1.5 years of construction to go. She said she’s content with the 34,000-square-foot “Seagull Island” mansion they live in now, but when it comes to Versailles, the size of the new mansion already may be too small for what she has in mind.
“I think I may want a bigger house now with a couple more guest houses and a bigger closet,” she told Orlando Business Journal. She didn’t go into detail about how much more space she wants to add to the home.
Versailles is one of the region’s prime examples of a project that fell victim to the Great Recession, which hurt many of Central Florida’s businesses, including Westgate Resorts. However, the company has been able to overcome the challenges and now is poised to continue to take advantage of Orlando’s rapid growth in visitation.
The home is just one of David Siegel’s many projects his company is tackling. His Westgate Resorts empire is undergoing more than $61 million in Central Florida expansion projects, rebuilding the Westgate Smoky Mountain Resort & Spa, which was caught in the Gatlinburg wildfires last year; adding more activities to the Cocoa Beach Pier and Wakulla Suites; and determining the future of the Orlando Predators arena football team.
Westgate Resorts is also one of Orlando’s most lucrative businesses, recording gross revenues of $1.21 billion with nearly 4,700 employees in 2015, and is one of the region’s larger philanthropic organizations that donated more than $1 million last year.
See the slideshow below for a look at all of Siegel’s private and business assets. And go here to see how he reclaimed his timeshare throne after the recession.