ED Magedson – Founder
GoldKey Resorts1081 19th Street Suite 300 Virginia Beach, Virginia USA
GoldKey Resorts Gold Key Resorts Ocean Beach Club LLC Fraudulent Sales Tactics at GoldKey Resorts (timeshare) Virginia Beach Virginia
Gold Key Resorts lied during their sales presentation about costs associated with the timeshare.
July 2013 I purchased a timeshare at Ocean Beach Club from Gold Key Resorts. The "salesman" was a man who told us that he didn't normally perform in the sales role but was called in to assist. During the sales pitch I was given two false pieces of information by the salesman. During his "spiel" he told us 1) that it would cost us only $298 to transfer our week to another week anywhere that Gold Key had a resort. He also told us 2) that the annual maintenance fee is $600. When I asked how often the fee increased, he said that it rarely increases and when it does it is only about 1 -2 dollars per year. Based on this information, I charged over $15.000 to my credit card (to get points knowing that I would write a check to pay the card off). I own the property free/clear.
In September 2013 I attempted to do my first transfer. My family decided that we would spend Christmas in Las Vegas. I called Interval (the exchange company) and was able to exchange my week in VA Beach for a week in Las Vegas but only if I prepaid my 2014 maintenance fees (because the first week I owned is in 2014). I prepaid the amount I was instructed $617 and was able to purchase the week in Las Vegas. I then received a follow up email stating that I owe $35 in maintenance fees. I had prepaid at the 2013 rate and the fees had gone up $35 for $2014 (far above the 1 or 2 dollars I was quoted!).
Additionally, while on the phone with Interval to exchange my week. I discovered that I could only exchange my weeks (for close to $300) IF I purchased one of their packages. The packages range anywhere from #400 to over $700. This is an added cost that was not explained during the presentation.
The result is an additional cost of (on average) $500 per year (above the $617 maintenance cost I was quoted).
The salesman blatantly misrepresented the cost of owning this property. For the $1200-$1400 annual cost of owning this property, I could purchase a week at any fine hotel. This company perpetrated a fraud.
This report was posted on Ripoff Report on 11/27/2013 12:20 PM and is a permanent record located here: http://www.ripoffreport.com/reports/goldkey-resorts/virginia-beach-virginia-23451/goldkey-resorts-gold-key-resorts-ocean-beach-club-llc-fraudulent-sales-tactics-at-goldke-1102630. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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