Review of The Queen of Versailles (2012) by Johnwhisler — 23 Mar 2016

The Queen of Versailles is an important historical document because it’s a microcosm of the financial collapse of 2008 and its aftermath. Director Lauren Greenfield began her feature-length documentary with the goal of chronicling the audacious construction of a new residence, the largest in the United States, based on and named after Louis the 14th’s old digs, Versailles. What began as being potentially focused on this dream of the “King of Timeshares,” David Siegel, it was his queen that won over the director and subsequently the viewer.

We’re introduced to the King and Queen in their home as they pose for professional photographs. Between shots they divulge bits of history. Our queen of the would-be kingdom is Jackie Siegel. She grew up in modest means, though beautiful and smart. Rather than remain a secretary, she became an engineer. She eventually saw the writing on the wall as an older co-worker counted down his days to retirement. After winning a beauty contest, and one marriage and divorce later, she met mega-wealthy David Siegel. She was ready to settle down and make a family.

David Siegel, a single-minded workaholic, launched and expanded his timeshare kingdom to epic proportions and it thrived in a culture of living on credit. One particular quote would seem to be his personal philosophy as well as his business model: “Everyone wants to be rich; if they can’t be rich, the next best thing is to feel rich, and if they don’t want to feel rich, they’re probably dead.” His employees high-pressure sell vacation timeshares to “…anyone who is breathing.” The fact that these buyers may not be able to make their payments doesn’t seem to be a concern.

His hubris wasn’t limited to business dealings, but ran into politics. “I got George W elected president – personally, got him elected president,” Siegel says at one point in an interview. “Now, had I not stuck my big nose into it, there probably wouldn’t have been an Iraqi War (chuckling to himself), and maybe we might have been better off. I don’t know.” When asked how he was personally responsible for getting George W. Bush into office, Siegel replied “I, I would rather not say, because it may not necessarily have been legal.” Another question that doesn’t seem to cross his mind is asking himself what gives him the right to influence an election.

After the economic freefall, Siegel explained the challenges his business faced, “My business depends heavily on easy access to cheap money. We sell our product for 10% down and we take back a 90% mortgage. What we used to do was take those mortgages to the banks, and they would give us an advance. Well, unless we can turn that mortgage into cash, I can’t very well pay my employees with mortgages every week. But the banks are frozen, as far as my business is concerned.” Banks were no longer giving out loans and the life of living on credit was getting precarious, not just for regular citizens but for the one percent as well. Like a latter stage Charles Foster Kane, Siegel stews in his mansion wondering how he will go about “…finding the money.”.

At one jaw-dropping point, Siegel laments, “I haven’t put anything aside [for college].” Meanwhile, five million dollars’ worth of Italian marble sits on pallets at a construction site at his would-be Versailles.

Siegel’s first son shares in his father’s misery, but more as an employee than a caring relative. “My father and I aren’t close on a personal level because it’s always been a business relationship.” The son hasn’t fallen far from the fatherly tree, referring to their clients as “moochers” who happen to accept the free tickets to Las Vegas shows they’ve been offered once they’ve endured an aggressive timeshare sales pitch.

The glimmer of hope, of love, in this sad mess comes from Jackie and their nannies. Jackie’s support of her husband and family during this time is commendable and is apparently the best she can do. While her husband wrestles with his ego and his desire to keep and continue construction on Versailles, Jackie has started a community thrift shop that sells hand-me-downs to struggling families. The nannies give the love to the Siegel children that they cannot give to their own children, thousands of miles away in the Philippines. One is left only with the hope that love will prevail in this misguided, materialistic family, and in this similarly troubled world.