Hurricane Katrina

vershine · #1 09-10-2006, 06:25 AM

I own at Chateau Charmant in Gulfport, Ms. The entire resort was destroyed. It is now a year and it appears that it is at a standstill. If they do rebuild, it will not be ready until 2009. My account at RCI has been discontinued since 2005 for obvious reasons. My subscription with them was paid through 2006 and they are now asking to renew my membership for 2007. What would be the advantage to that since I don´t have a timeshare to exchange? Also, my resort has been charging matainence at a reduce rate but still what am I getting out of this. I would prefer to have my shares purchased by the corporation or the value of the property and call it a day. Four years or more is just not cost efficient between RCI and the resort. If I drop RCI they will charge me as a new member when I would have to join again in 2009 or 2010.

Has anyone else experienced this with their timeshares in the Gulf regions? I live in Europe and it is difficult for me to communicate with a non exsisting resort. I did hear that the other resorts chose not to rebuild.

Any feedback would be appreciated.

GateKeeper · #2 09-10-2006, 08:02 PM

Is the resort "sold out"? Keep in mind that the developer was only involved in the resort until all the "time" was sold, and the assets become fully dispursed amongst all the timeshare owners. A managment company then is enlisted for its services to manage and maintain the resort (and why you pay a maintenance fee). This managment company may or may not have anything to do with the developer.
Your situation does not sound promising. There should be some way to find out what insurance, if any, was carried on the resort (property and land), and follow that trail. Without insurance, it seems a stretch that anyone other than the current timeshare owners would have an interest in rebuilding. I would contact the management company, who you send your maintenance checks to, and find out what policies were in place. As a minimum, if there is any payment from any government agencies, this money should be split proportionately between the current owners.

vershine · #3 09-11-2006, 07:19 AM

Thank you for your reply.

Apparently, communication including a vote was made to owners through a board’s letter sometime in April 2006. I never received this information or a proxy. I only found out last week through a web forum by the board that was set up while browsering on the computer.

Personally, I don’t think the board had a quorum on this vote and took the majority received as yes count as reason to rebuild. The web site indicates that the association has received insurance from the disaster and posed the question to split the funds to the owners or rebuild. As I mentioned, I did not receive any communication except a request for maintenance in Nov. 2005 to be paid at a reduced rate until construction begins in 3 to 4 years. There is no address, other than a PO Box number nor phone number as the office no longer exists. My fears are that I and other owners will be submitted with assessment charges when construction begins. They also indicated to keep charges down, they would build an additional 25 units. I reside in Europe and I don’t have the means to clear this up with any authorities nor do I want to just drop it as it is deeded property.