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Glen Ivy - the timeshare scandal
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Timeshare has not always enjoyed a great reputation. Unfortunately., some of the worst black eyes have been self inflicted. Such is the case with Glen Ivy in the mid-seventies.
The basic timeshare is sold by the week. Each condo would be sold 50 times, keeping 2 weeks for maintenance. So if a resort has 20 condos, that’s 20 X 50 means 1,000 hundred total weeks to sell.
What developer Glen Ivy did was take a Tahoe-based resort and sold way more weeks than were available, kind of like selling 5,000 weeks when only 2,000 are available.
In order to protect the victimized, as well as the reputation of the still young industry, RCI, the exchange giant, spearheaded an effort that included several other developers to find actual deeds at comparable properties in order to make the effected owners whole. The original resort is still operating and successful today.
When all was said and down, while some owners went through some stress and aggravation, no one ultimately lost the opportunity to enjoy a timeshare resort, or their investment in future vacations.
The other result is that timeshare is one of the most heavily regulated forms of real estate in existence.
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