Grand Legacy Club

A Florida based membership club that would provide members access to a global portfolio of luxury residences, exotic cars, and private jets, Grand Legacy Club planned to wholly own all of the club's assets.

According to the club's Frequently Asked Questions, "All club facilities and assets are owned by the Club without any debt or liens on any of the assets. The members own the Club exclusively and this structure ensures the perpetual longevity of the Club's existence and its proper management and operation. When accepted for the membership, each member receives a copy of a title insurance policy issued by TICRO Title Insurance evidencing their ownership of the club and the facilities."

For the $200,000 membership deposit and $11,000 in annual dues, members could access any of the club's amenities "24 hours a day, 365 days a year, subject only to maintenance requirements of certain facilities and adherence to the reservation procedures." The club planned to halt new membership sales after 280 equal memberships.

Unfortunately, the idiom "too good to be true" proved wise. The small print at the bottom of the club's website stated "Neither the information and materials described in this Website, nor any communication made or given in connection with any of the foregoing, may be deemed to constitute any representation or warranty or may otherwise be relied upon by any person or entity for any reason whatsoever."

As the club moved forward, it ran into a continual string of legal issues. In a court case against a local jet service provider, the club was called a "smoke and mirrors routine to lure investors."

Two of the club's executives, Thanos Papalexis and Daniel Gorman, both had significant legal problems prior to Grand Legacy Club including fraud. Several years before the club's launch, Gorman pleaded guilty to defrauding the Florida Citrus Commission out of $85,000 and Papalexis was allegedly connected to a vicious murder in 2000 while living in the United Kingdom.

Papalexis went on to help create Vita Luxury, another pseudo-destination club that offered the same type of benefits, but planned instead to not own any of the amenties available to members. Vita Luxury faced a similar fate as Grand Legacy Club and ceased operations after being unable to generate an adequate level of interest.

Clubs like Grand Legacy Club continue to exist on the periphery of the destination club industry, with their status as a destination club or not a destination club frequently debated.

To learn more about Grand Legacy Club, please visit the club's quick links found to the right or request a free copy of our Destination Club Guide.

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