Legacy Luxury
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The young equity destination club Legacy Luxury planned to provide a select 350 members access to a portfolio of 50 properties around the world, each valued at approximately $3.5 million.

The club would take a member owned model, similar to the structure of the Abercrombie & Kent Residence Club or Moncasa Private Club Residences. The club would escrow membership deposits until seven new members joined, and then purchase a new property for the portfolio. "Legacy is financially strong and the company's growth model, based on its linear and conservative method of seven investors per each property, is sound. In addition, Legacy has a relationship with a major financial institution for mortgage financing of properties. Finally, our loan-to-value ratio will not exceed 50%, thus ensuring the company is not over-burdened with debt."

Despite the emphasis on establishing a strong financial position, undeniably a critical factor in today's destination club market, Legacy Luxury would never progress past their introductory phase. As established clubs like Solstice Collection and High Country Club filed for bankruptcy and neary every other destination club struggled to make new sales in late 2008 and into 2009, Legacy Luxury pulled their website prior to fully entering the industry.

While the overall concept was created, including the creation of pricing, membership plans, and resignation policies, Legacy Luxury never fully published who the executive team was behind the club nor did the company website supply any way for potential members to contact the club to learn more or request additional information. In all likelihood, the club was probably several months from officially launching to the market before they ceased operations.

If you would like to learn more about Legacy Luxury, please access the club's quick links to the right. If you have any additional information about the club, please feel free to contact us at contribute@destinationclubnews.com.