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Siegel Starts Final $30M Phase of Sandy Lake Towers Condos

ORLANDO-Timeshare developer David A. Siegel bought the bankrupt, 14-year-old, 408-unit twin tower property in 2002 for $100 at a public Orange County auction sale. At that time, he also held mortgages on the property totaling $17.4 million. He later rejected a seller's bid of $24 million for the assets.

By Alex Finkelstein | Updated on May 27, 2005

ORLANDO-Timeshare developer David A. Siegel is investing $30 million in renovations on a 14-year-old, 408-unit condominium community he bought for $100 in 2002 at a public Orange County auction site. At that time, he also held mortgages on the twin-tower, 18-story Sandy Lake Towers assets totaling $17.4 million. He later rejected a seller’s bid of $24 million for the properties.

The towers are at 6145 Carrier Dr., directly behind the Wet ‘n Wild attraction in the center of the city’s major tourist corridor on International Drive. The first 204-unit tower is sold out, Siegel’s office confirms. Condo unit prices on the second phase haven’t been determined but area brokers specializing in nearby condo sales tell GlobeSt.com the homes won’t start at under $200,000 and may go to over $1 million for penthouse residences.

The developer has renamed both towers Westgate Palace. His flagship timeshare property is called Westgate Resorts.

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