Report Abuse

Diamond and Westgate are two timeshare companies that have restricted the use of points purchased on the secondary market to the effect of having eliminated the secondary market. According to TUG, Diamond is accepting 93% of voluntary surrenders. Why not? They take back the contract and resell for full price. Transfer agents work in cooperation with the developer charging between $3500 to $7000 to guarantee a deed back. The contracts are bundled and resold to developers. Some transfer agents take your money and dissolve the LLC leaving the owner on the hook for the maintenance fees after paying the transfer agent. Listing agents are worse. I'm the kind of person that would not wish Diamond points on my worst enemy, so my conscious will not let me list and on a rare chance sell to the unsuspecting who doesn't know any better. Six million Diamond stock shares owned by insiders bought at $15 struck at $30 when Apollo bought the company. Insiders make an ungodly amount of money while us peasants pay the maintenance fees year after year or run the gauntlet of foreclosure or surrender. Twenty five years of timeshare ownership without a question or complaint until Diamond bought ILX. Not one member of the Licensed Timeshare Resale Broker Association LTRBA will buy or sell Diamond non deeded points because they become worthless the moment the contract is signed. They will buy and sell all of Diamond's competitors weeks and points. Given the fact that Apollo Global Management, founded by the same banker that founded Drexel Burnham Lambert of Michael Milken junk bond fame, bought Diamond, timeshare has a new version of junk bonds. It's pretty bad when you are deceived by READING the contract that says you can sell points. In my opinion, Diamond resorts is white collar crime at its finest.