Why are thousands of millionaires queueing up for the right to plunk down as much as $459,000, plus annual dues of up to $35,000, just for a few weeks of access to vacation homes?
The answers might be found in the 6,000-square-foot villas in Tuscany with infinity pools overlooking the countryside, the Miami Beach oceanfront condos with balconies overlooking the Atlantic and Intracoastal Waterway, and the private chefs whipping up gourmet dinners.
Exclusive Resorts, a venture led by AOL co-founder Steve Case, is the largest player in a growing segment of the travel industry that a few years ago was essentially non-existent - the luxury destination club.
The clubs have not been without problems: The first, Tanner and Haley, filed for bankruptcy last year, leaving hundreds of members fighting in bankruptcy court to try to reclaim some portion of their membership deposits.
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Source - USATODAY
