Resignation and Redemption
Unlike Crescendo Residences, a REIT structured club that often got compared to BelleHavens, where members received 60% of the appreciation of the club's real estate, BelleHavens tied their refundable membership deposit to the future value of the membership.
Members could redeem their membership for 90% of the then current price of the membership they purchased. For example, if a member purchased their membership for $200,000 and BelleHavens increased the cost of joining to $250,000, the member would receive 90% of the new $250,000 amount, or $225,000.
Resigning members were subject to a "two in, one out" policy that required two new members to join the club before one exiting member would be redeemed.
BelleHavens and Crescendo would both be acquired by the world renowned Abercrombie & Kent for their new venture, the Abercrombie & Kent Residence Club, using a similar resignation policy to the one pioneered at BelleHavens.