When luxury vacation club Quintess plunged into bankruptcy in October, the company said it lost more than $100 million in refundable customer deposits on vacation property it unloaded at a steep loss.
BusinessDen has found eleven multimillion-dollar houses in locations like Aspen, Telluride, Vail and Beaver Creek. (See slideshow above.)
Quintess claimed in bankruptcy filings that loans secured by real estate came due in 2012.
Properties were sold for less than the price Quintess paid for them and although the resulting sales proceeds were enough to pay off the debt, the proceeds were not sufficient to pay deposit refunds or equity holders.”
BusinessDen identified former Quintess houses – some of which the club now leases – by cross-referencing property records against addresses found on vacation club trade publications as well as the known aliases of Club Holdings.
The property records show that Quintess, through entities created to purchase real estate, acquired houses from 2004 to 2007 and rapidly sold those holdings in 2012 and 2013. The slideshow above accounts for 11 of 17 domestic destinations listed on Quintess’ destination list from early 2007. BusinessDen did not track international destinations.
Quintess CEO Pete Estler could not be reached for comment.
For more on Quintess, see past reporting here: