The Versailles House Project and Its Developer
The Versailles house in Windermere, Florida, was designed to be one of the largest single-family homes in the United States, with plans for over 90,000 square feet of living space, a ballroom, a bowling alley, a 20-car garage, and a replica of the Hall of Mirrors. The project was developed by David A. Siegel, founder and CEO of Westgate Resorts, a timeshare company that operates resorts across the United States and Canada. Siegel and his wife Jackie envisioned the mansion as a retirement home and a statement of wealth, and construction began in 2004 on a 21-acre lot near Orlando, Florida Forbes.
By 2006, the Versailles project had become a media sensation, with coverage highlighting the scale of the build, the custom Italian marble, the imported European fixtures, and the estimated cost of over $100 million. The house was marketed as a symbol of American excess and the peak of the housing bubble, with Siegel comparing it to the Palace of Versailles in France. Westgate Resorts promoted the project in advertisements and on its website, linking the mansion to the company's brand as a luxury timeshare provider Forbes.
The Financial Collapse and Construction Halt
The 2008 financial crisis and the subsequent collapse of the U.S. housing market hit Westgate Resorts hard, as timeshare sales slowed and property values fell. David Siegel, already heavily leveraged, faced mounting debt, declining revenues, and pressure from lenders and investors. Construction on the Versailles house slowed dramatically, with subcontractors leaving the site and work on unfinished wings, interior finishes, and landscaping coming to a near standstill Forbes.
By 2009, the Versailles project had become a symbol of the broader real estate downturn, with news outlets reporting that the mansion was one of the largest unfinished homes in the country. David Siegel and Westgate Resorts filed for bankruptcy protection, and the property became the subject of litigation, creditor claims, and repossession efforts. The unfinished structure, with exposed concrete, bare framing, and incomplete plumbing and electrical systems, sat empty for years as the developer worked to restructure debts and reorganize the business Forbes.
Current Status of the Versailles Property
In the years after bankruptcy, David Siegel continued to work on the Versailles property in phases, using personal funds and new business revenue to resume construction on select sections. The house remains unfinished by its original specifications, with many wings, rooms, and features still incomplete or unoccupied, and the property has been listed for sale at various times with asking prices reflecting the scale of the build and the cost of work already completed Forbes.