Timeshare mogul warns in email he may be forced to lay off employees if Obama is re-elected

Real estate mogul issues dire warning


A Florida timeshare mogul known as the "King of Versailles" has sent his employees an e-mail saying he may be forced to reduce the number of workers in his company if President Obama is re-elected.

MyFoxOrlando.com reports David Siegel, the billionaire president and CEO of Orlando-based Westgate Resorts, told his employees that though his company has so far been able to survive during the harsh economic conditions, he does not believe it will be able to do so if President Obama wins a second term.

"If any new taxes are levied on me, or my company, as our current President plans, I will have no choice but to reduce the size of this company," he says in the e-mail, which he gave to MyFoxOrlando.com. "Rather than grow this company I will be forced to cut back.  This means fewer jobs, less benefits and certainly less opportunity for everyone."

Siegel explains that he believes the current administration and the media are pitting employer against employee.

"They want you to believe that we live in a class system where the rich get richer, the poor get poorer," he said. "They label us the '1%' and imply that we are somehow immune to the challenges that face our country.  This could not be further from the truth."

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Siegel argues he earned his success through hard work, pouring what he made back into his business. Despite this, he says he feels the costs of running a business are becoming "out of control."

"We are being taxed to death and the government thinks we don't pay enough. We pay state taxes, federal taxes, property taxes, sales and use taxes, payroll taxes, workers compensation taxes and unemployment taxes," he said. " I even have to hire an entire department to manage all these taxes."

Siegel says if President Obama is re-elected, he believes taxes will continue to increase. If this happens, he warns it will kill his desire to maintain his company.

"If that happens, you can find me in the Caribbean sitting on the beach, under a palm tree, retired, and with no employees to worry about," he says.

Though Siegel says he does not feel he has the right to tell his employees how to vote, he says they need to realize what is in their best interest.

Siegel's company is one of the Orlando-area's largest employers, employing over 10,000 people worldwide with approximately 8,000 in Central Florida.

Siegel started his company 42 years ago. His family gained some notoriety after his wife Jackie starred in a documentary called "Queen of Versailles." The film, which documented the construction of the couple's 90,000 square-foot, $100 million home, caused some local media to dub Siegel the "King of Versailles."

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