Village Resort Timeshare windup

[Sydney Contributor - Bronze Find all posts View Profile Close Sydney]

Just arrived home after about 3wks away to a letter from The Village Resort timeshare where we own. During the Annual General Meeting, the members voted to wind up it's operations instead of paying upto $50k per unit for renovations and fix the lagoon.

We're pretty disappointed about it as was looing forward to spending our time there now that were moving back to Sydney.

At this stage, we don't know when they will close down but there will be another meeting in Sydney for members when things are clearer.

Such a shame for us as it's a 3br timeshare so is perfect for larger families.

[Sydney Contributor - Bronze Find all posts View Profile Close Sydney]

Just rang the resort and found out that the meeting will be in February 2008 and they are anticipating that it will take upto 2 yrs to sell the resort. So in the meantime members can continue to use their ownership as usual. Only about 1/3 of members actually voted and many are now upset that it will be winding up.

I'm hoping to be able to go to the meeting.

[Linda74 Member Find all posts View Profile Close Linda74]

Since we are Village Owners using the resort in an RCI points account and now having to pay levies three years ahead, I wonder what will happen to our prepaid levy money when the resort is sold??? It sounded like most owners were afraid of costs resulting from fixing the lagoon.

[Sydney Contributor - Bronze Find all posts View Profile Close Sydney]

Hi Linda, since it takes a few yrs to sell, hopefully you should be alright. Why don't you shoot them an email and request if you can pay the levy only a year at a time. I used to pay a year at a time in RCI Pts Australia so don't see why they would insist on 3 yrs advance, especially in light of recent developments. If you've already paid in advance for the next few years, ask if they can refund you now the levy you paid 3 yrs out and then you can pay per year.

Good luck and let us know how you go.