Na Pali Kauai Club Sale

[Kauai Kid]

Unit 14D has been sold and closing originally was Jan 31, then changed to Feb 3, and now is Feb 21. The owner of each week should receive $1210.51 eventually. Four more units to sell

per email from Jim Windham Feb 6, 2017

Sterling

 

[Sandy]

I saw the email today. This is indeed good news. For as long as I have been a Tugger I can't recall other timeshares which have been converted to whole ownership and, as a result, have paid a percentage to the timeshare owners. I am sure that there are others, but I am happy that this is looking so promising for us.

Of course, I don't want to count my eggs before they hatch, but we could have really good news shortly. And if the other units go as planned, it will be a significant recoup of our initial payment for the timeshare many years ago.

Unit 14D has been sold and closing originally was Jan 31, then changed to Feb 3, and now is Feb 21. The owner of each week should receive $1210.51 eventually. Four more units to sell

per email from Jim Windham Feb 6, 2017

Sterling

 

[BocaBoy]

I saw the email today. This is indeed good news. For as long as I have been a Tugger I can't recall other timeshares which have been converted to whole ownership and, as a result, have paid a percentage to the timeshare owners. I am sure that there are others, but I am happy that this is looking so promising for us.

Of course, I don't want to count my eggs before they hatch, but we could have really good news shortly. And if the other units go as planned, it will be a significant recoup of our initial payment for the timeshare many years ago.

$65,000 or so doesn't seem like much for the sale of a whole ownership condo on Kauai. What am I missing?

 

[Sandy]

The sale of this unit is about $308,000. We have five units that have a total of 255 weeks divided equally among the five units. For every week each of us owns we will receive 1/255 of the net sales proceeds from the sale of this first unit. That amount is now estimated to be $1,210.51 for each of your weeks.

 

[BocaBoy]

The sale of this unit is about $308,000. We have five units that have a total of 255 weeks divided equally among the five units. For every week each of us owns we will receive 1/255 of the net sales proceeds from the sale of this first unit. That amount is now estimated to be $1,210.51 for each of your weeks.

Thank you. I was missing the fact that there are 5 units to sell the and owners in all five share in the proceeds of the sale of each one. Makes sense and those numbers look more realistic.

 

[Sandy]

Thank you. I was missing the fact that there are 5 units to sell the and owners in all five share in the proceeds of the sale of each one. Makes sense and those numbers look more realistic.

Thankfully, the first check arrived from the first sale. I hope that the other units sell as well and I will be very happy. I think I paid about $6500 originally for the one week that I own, so if each of the 4 units sells for about the same price, I will be a bit shy of even. What a good outcome! Of course, we must wait until the dust settles on all sales.

I think I asked this question before, but what happens to the owners who they are not able to locate? Do the proceeds from the sale revert to the rest of us? Anyone know? (on this new TUG site I cannot figure out how to "search" yet.