Posted in: Business

Remember CEO David Siegel, Who Said He’d Fire Everyone If Obama Won? Here’s The Rest Of That Story

David Siegel

David Siegel was the timeshare mogul who said in 2012 that his business had become so bad since Barack Obama was elected president in 2008, that if Obama won a second term, he’d close down his company, put all of his employees out of work, and spend the rest of his life sunning himself on a tropical island.

But as things turned out, not even two full years after Obama’s reelection, the Orlando, Florida-based David Siegel is not only still in business, the Westgate Resorts CEO is doing so well that just in recent months he bought himself a Las Vegas hotel-casino, the Cocoa Beach Pier, and an Arena Football League franchise, The Orlando Predators.

The 79-year-old Siegel took a huge financial hit in the economic meltdown of 2008, seeing his personal net worth drop from an estimated $1 billion — he claimed it to be $1.8 billion — in 2007 to $100 million today.

He and his wife Jackie Siegel were the subjects of a highly critical documentary, The Queen of Versailles, which chronicled their attempt to complete construction on their new home — at $75 million the most expensive single-family home in the country, at the time. They never finished building their “Versailles,” though reportedly, Siegel is now resuming work on his 90,000 square-foot palace.

David Siegel "Versailles" dream home.

David Siegel’s “Versailles,” 90,000 square-foot dream home.

About one month before the 2012 election, Siegel sent a mass mailing to his “valued employees” complaining that his business and financial struggles were all the fault of the current president, Barack Obama.

“Obviously, our present government believes that taking my money is the right economic stimulus for this country,” said Siegel’s October 8, 2012 missive, which made no mention of the previous administration whose policies, economic studies show, were largely to blame for the 2008 collapse that led to Siegel’s struggles.

“When you make your decision to vote, ask yourself, which candidate understands the economics of business ownership and who doesn’t? Whose policies will endanger your job? Answer those questions and you should know who might be the one capable of protecting and saving your job. I can no longer support a system that penalizes the productive and gives to the unproductive. My motivation to work and to provide jobs will be destroyed, and with it, so will your opportunities. If that happens, you can find me in the Caribbean sitting on the beach, under a palm tree, retired, and with no employees to worry about.”

But under the second Obama administration, which has seen U.S. stock markets soar to all-time record levels, David Siegel has not only survived but thrived.

“Nicely done, David! It’s all especially impressive, considering you told us that, if Barack Obama were re-elected, you might have to abandon your business — maybe even leave the country,” wrote Orlando Sentinel columnist Scott Maxwell last week. “Yet, miracle of miracles, you somehow manage to not only stay in this great country and keep your doors open, but even buy an Arena Football League team! God bless America.”

David Siegel plans to convert most of his newly acquired Las Vegas Hotel — formerly the Las Vegas Hilton — into a timeshare property, and to build a new resort on the four-acre Cocoa Beach Pier. He also intends to move his Orlando Predators back to the downtown Amway Center from the University of Central Florida campus where the team now plays home games.

In a final twist, Siegel admitted that his grim, 2012 letter to employees was mostly plagiarized from a chain letter that had circulated on the internet since 2008.

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Comments

29 Responses to “Remember CEO David Siegel, Who Said He’d Fire Everyone If Obama Won? Here’s The Rest Of That Story”

  1. William Ray

    And the purpose of this story is what??? This guy is on the same shelf as Alec Baldwin who was leaving the USA if Bush won again..he's still here infortunately. Oh and Obama is responsible for the stock market…yep that a joke. It's just the market pays no attention to his "Presidental Leadership" and goes about business as if he doesn't exist. No credit there!!! Glad the guy is getting richer but it ain't because BO is Prez!!!

  2. Carrie Sue Faccone

    I really feel sorry for this guy, after all, what was he going to do if he made less that 1 billion dollars? It would be like the end of the world!!! Slime ball. Such greed! Pathetic.

  3. Lauren Siegel

    Well, you better stand by that statement and if the stock market crashes tomorrow, you don't blame Obama. Because it pays no attention to him. You can't have it both ways. If you don't give Obama (or any president) credit for the wins, you can't blame them for the fails.

  4. Steve Sepos

    oh the the Dems arent also, like Al Gore dont use any carbon fuel while I ride around in my jet, and Michael capitalism is wrong but I own 9 houses Moore .

  5. Olga A. Frias

    Poor guy needed a psych from the day he chose to married an adult Honey Boo Boo.

  6. William Ray

    Lauren Siegel And you know what Lauren.. I agree with you 100%. I don't usually comment on the ole stock market because any crazy thing in the world affects those bozos. I am not going to blame anything on Obama…he's doesn't need my criticisms. He has plenty from both parties..actually a good amount from his own. I try to stay away from blaming somebody that really does little toward a problem or problems.I think our Prez falls into that category. Frankly I certainly don't resort to derogatory comments such as good ole Don had to say….I appreciate your comment Lauren and you are absolutely right. Gain or lost…no blame!! Thank You!!

  7. Lois Rothnie Hughes

    It's fine for the 1% to say this crap! but the common middle man I staked to the hilt! and suffering at the hands af these no loads……….

  8. Kimberly Motz-Tupper

    Interesting enough Olga, if you watch the documentary you realize that his wife may look one way but has a surprisingly respectable educational background.

  9. Corey M. Smith

    She was in law school before he was and he pursued her there. She graduated and had a successful career of her own before becoming FL. And what's "surprising" about that Kimberly Motz-Tupper considering the way she "looks?"

  10. Thomas Bone' II

    Lets join together for one common cause, "vote the republicans out of office"

  11. William Ray

    Miriam Israel What does whatever mean!! I have heard that before but I think it means you can't think of anything else to say…I am not dissing your precious Obama…he does a good job of screwing up himself. I really don't care about him…he's so lame duck now anyway!! I do think he should at least step up and take some leadership in world affairs. The world has always looked to the US to take the lead but it seems Obama's approach is "Walk softly and carry a Golf Club"

  12. Shern Dunn

    William Ray , see you just couldn't Miriam say what she felt and move on. She knew that your comment to Lauren was BS. Now look at how you respond like a child. I am glad she put that comment out to you. LOL.

  13. William Ray

    Shern Dunn Oh whatever was a comment!!!!! hahahaha I didn't say anything ugly to Lauren or Miriam but I guess that's your style. I have an opinion just like anybody else and just responded to both in a civil manner. As far as I'm concerned your comment doesn't fit that category… you know where you can put it!!!

  14. William Ray

    Miriam Israel I only have one side of my ASS..the other side got shot off in the war!!! you can go over to Vietnam and pick it up

  15. Shern Dunn

    Miriam Israel , now I will take that comment that William made with a grain of salt. If he was in the Vietnam War he is bitter and old.

  16. Shern Dunn

    William Ray , I never said you said anything nasty to Lauren. I said that Miriam knows BS when she read what you wrote to Lauren. You got ugly because Miriam said whatever and that seems to be your style. Now I am going to repeat the words of Miriam, "Whatever", and last your word you know where you can go and where you can put it put it. I can put my comments on any board if you don't like what I wrote don't respond!!!!

  17. William Ray

    Shern Dunn I am old but not bitter…Im 66, got cancer and I am done responding to you..you say whatever you want to about me cause I got a whole shaker of salk..some pepper too. its apparent you dont believe any thing I say…so whatever. Im done sweetheart..go fuss with somebody else..you are counterproductive to the world.

  18. Miriam Israel

    William Ray If you can't even take an apology then guess who's right again, and by the way Shern Dunn is not fussing with you. You are fussing with yourself —so you are the one who is counterproductive…Goodbye!!! and have a nice day.