Are Timeshare Owners at Risk in Lighthouse Inn Foreclosure?
Monday, November 24, 2008
New London, CT residents say they may have lost tens of thousands of dollars by buying timeshare at the Lighthouse Inn, which is currently in foreclosure. The total of timeshare sales at the resort is unclear, but could be as much as $2.5 million spent by consumers (many from the New England area) to buy timeshare at the historic resort.
According to TheDay.com Connecticut, “The Lighthouse Inn owes various creditors more than $2.5 million – in addition to whatever is left to pay on a $1.84 million loan that the inn’s owner, McGrath Hotels LLC, took out seven years ago from the Business Loan Center Inc. of New York City.” Reportedly, the New London city clerk’s office has no records of any timeshare sales being recorded in the city as deeds, except those at a nearby and unrelated timeshare resort, Water’s Edge Resort in Westbrook.
The more than 100-year-old Lighthouse Inn mansion is part of RCI timeshare exchange and ranked as a Gold Crown Resort. Currently it still appears as such in the RCI resort directory although the resort’s restaurant and accommodations have been condemned by authorities and closed. An auxiliary space, known as the Carriage House, remains open, although how this space is used is unclear.
Sell My Timeshare NOW has no inventory of timeshare resales or timeshare rental at this resort, although we do have timeshare properties available to buy or rent at the Water’s Edge Resort, a unique cluster of private villas on 15 acres of Connecticut coastline.