This is Part I of a series of interviews with Graham Kos regarding his role with the Destination Club previously known as the Solstice Collection. - Ed

It has been over a year since Graham Kos has spoken to any member of the media as to the fate to The Solstice Collection, the highest end of all Destination Clubs. Here are some questions I posed to him, with answers that may shed some light on what happened from December 2008 to December 2009. - Susan Kime

Remind our readers about what the Solstice Collection was, and what it meant to you and to the members at first.

Our model was small to begin with – our original plan at the outset was to have 7 exceptional homes and 42 members. I originally found the destination club industry compelling as, for the first time, it presented a real estate investment model that allowed you to purchase a category of real estate ( high end second homes ) which historically had the greatest appreciation over time but typically was not acquired for strictly investment purposes. In addition, it was a uniquely fun and creative project that took you to the most beautiful locations in the world.

In the beginning, I had an extremely small but very effective team. I did not hire my first "employee" for the company until year three. I did not take a salary for myself the first two years nor did the company have an office during this time. We were able to accomplish quite a bit with a very small budget. Our secret weapon was my wife, Shay, who did all the design work for Solstice. It was her style, her vision, her way of living that we were selling.

We had great PR, and we received many awards – Best of the Best for three years from Robb [Report], and two years from Business Britain. We raised our rates to the highest in the industry, we bought more properties, our credit lines were solid, and things were going well.

To us, Solstice was more than just a business venture – it was a vision; a way of seeing and indeed a way of being. It also fulfilled a need that I saw consistently with those who I knew were on the UHNW [Ultra High Net Worth] level: to travel in the most elite, seamless manner possible – and not with a lot of extra services by the way! We wanted members to have a real second home experience and with homes that had soul, a story, reflected by great interiors. Where other clubs had a very generic approach to interior design, we had furniture from the best European design houses, original art and sculpture, all hand picked from French flea markets in Paris and Lyon, or made specifically for us. Each item reflected the Solstice vision. We had a Villa in Florence whose façade was created by Michelangelo, a residence deep in the Amazon rain forest, a home in Aspen, designed by a famous young architect, Scott Lindenau, and our newest property, the home in Napa, that took about four years to build, as each stone had to be removed from an old Pony Express office in Texas, and brought here to [the] Napa Valley. I co-architected the home, and Shay did the interiors.

One of the greatest challenges along the way was balancing sales and profitability with the original vision of quality and uniqueness - these two concepts are often at odds in a business proposition and balancing these two somewhat conflicted concepts was one of the underlying issues of contention with the Parallel Group.

How did the merging and de-merging with Parallel affect the structural integrity of the Solstice collection?

We had very high hopes at the time of the Parallel merger. At the time they were a new high end destination club competitor, and we thought that merging would give our members and their members more access and variety of high-end homes. We thought also economically it made sense, but in the end, their focus – making Solstice into a much larger club – and ours, doing so without sacrifice to the quality and uniqueness – just did not jell. We also believed that with the merger additional monies would be invested to expand the portfolio and subsequently that did not happen. So, with the help of a Swiss investor who provided the money to de-merge, we de-merged. This was a necessary step, but it began a process where the de-merge circumstances began to control us, we did not control them.

After the de-merge in May of 2008, ironically, other things became clear but also painful. We took back management of the club in June and then spent the first 90 days closing our Scottsdale office and dramatically downsizing management. A month later Lehman went bankrupt and our phones literally stopped ringing. Our business model was not fundamentally different than others in the industry and it required a certain amount of sales to support the development side of the business. The combination of an abrupt end to sales, and mounting membership redemptions caused great stress to the model. As difficult as these issues were to deal with an even more daunting issue was our main credit facility – the Fortress debt – was coming due at year‘s end, and our lender, like many others at that time, was calling every loan they could (our interest rate had no floor and was yielding just 3.5% - not a terribly attractive yield to a hedge fund). The environment for new lending was extremely difficult at the time.

How did the decline begin, and when did Solstice declare bankruptcy?

2008 was a difficult year as for many reasons, potential members just weren't committing to Solstice, even though many loved the idea. In the beginning of the year our unwinding from parallel seemed to distract from our core sales efforts. We remained optimistic that once past this distraction things would return to normal - they did not. I was asked by certain members of the advisory board to step down in November of 2008. I agreed to do this, despite my misgivings, on the condition that they provide me with a viable plan to retire or replace our existing credit facility coming due at year end. After all I was personally liable on the debt. I actually never received an official response to that proposition as a few days later, after employees left the office one by one , I was informed by a third party in my now empty office that I had been removed by the board. In March of the following year Solstice declared bankruptcy.»

Could you explain the relevance of the Fortress debt and how that impacted - both positively and negatively - the fate of Solstice?

Fortress is a hedge fund and manages private investments. They provided a $50M credit line for Solstice in the summer of 2006. We were allowed to draw 40% of the cost of homes, furnishings and closing costs with that credit line.

At the time we placed the debt Fortress was a new player to the space. Prior to our securing this debt only Textron and Capital Source were lending in this area. From the outside looking in I am sure that this financing would appear to be simple but the reality was that you were purchasing and lending in many different countries - all with different laws regarding lender and borrower rights. At the time we secured this financing it provided the lowest cost and greatest flexibility of any facility that I was aware of in the destination club market, including all the largest clubs. But then again, the Fortress debt was one that our Member Advisory board eventually had issues with: they suggested it was a mistake to fund long-term assets with short-term debt. Like we didn’t know this? The reality was this completely ignores the fact that no long term debt was available in the marketplace at that time (after all, this was a new and unproven industry). Another suggestion I have heard put forth is we took out the line of credit knowing we could never pay it back. That is so ludicrous – I don’t even want to discuss it.

I tend to focus on the bottom line and as it relates to financing the bottom line is no new third party financing was ever put together by the new management last year save the club. I believe now, as I did then, that it was extremely reckless to take control of the club with no plan in place and no past experience to fully understand the all the challenges the club faced.

Part II will be Published Soon.. -Ed

An Optimist sees opportunity in every difficulty -- Winston Churchill

To many in the fractional interest and the destination club industry(s), this year has been the definition annus horribilis, a year most horrible, in the sense that the economy is flat, consumption has become more conscious than conspicuous, and lenders are not lending. It was projected to be, and actually was, the perfect storm of horror for developers on one end and buyers on the other. However, toward the end of this year, a few green shoots of hope have been popping up here and there, giving rise to some of the most reputable consultants, sales and marketing people and all around seers giving their thoughts on what happened this year and what’s to come.

Bill Orwig - Director of Sales, Pond Bay Club, St. Johns

I have been in fractional sales for the past ten years, having started selling the very first fractionals in Deer Valley, Utah. This year has been quite flat and really depressing. But I am convinced, especially after speaking to many this year, that the need is still there. Over the years, having worked with clients at the Villas at Rancho Valencia in Rancho Santa Fe, California, The Rocks in Scottsdale and Pond Bay on St John's, the need for the fractional is still there! But sales people have to be hired who have the ability to help the potential member/owner to overcome fear of the economic unknown, and guilt at buying something that is beautiful, and will provide pleasure for years and years to come. So, I am cautiously optimistic. I have heard there were seven sales at the Residences at Mission Beach this past fall, there were some sales at Old Greenwood in Lake Tahoe. There have been sales with the Timbers Company properties also, so not everything is flat..

Daned Kirkham - Fractional Sales Consultant

The fractional idea still interests people, and many want to buy, I speak to them all the time! It is just that the new idea “bloom” has worn off, so we as salespeople and consultants have to help those who sell second homes to give the fractional idea a more viable chance, through educating them as to what the fractional idea really is.

Meadowood, though not a true fractional, has been very successful here in Napa because the members can buy fractions of the vineyard and have their own wine and label. It is a club idea, with fractional purchases attached. These types of themed fractionals may be one of the waves of the future.

Wally Hobson – Hobson Advisors

I recently met with some bankers and developer/investors in Chicago, who helped me see a financial reality that I, and others also, were unaccustomed to seeing - how extremely complicated it is now, and will be for eth near terms, probably until first and second quarters 2011, for developers to get loans from banks, as bankers now must personally guarantee a loan will be paid in a defined period of time. Most bankers, according to those I met with, never personally guarantee loans for anything or anyone. It has historically been too risky, and now it is untenable.

What will happen now and in the future? Well, projects in Mexico are doing well. That’s because those projects are selling to the high-end Mexican population – one that is an interesting group. They do not have the uncertainty that the Americans have nowadays. They have other problems – drugs wars being the main one - but they do not have a deeply uncertain, recessed economy. Consequently, they are not as fearful in buying fractionals as Americans right now.

With that said, there are a few successful fractionals in the US right now. I heard of one, The Meriwether Ranch in Montana, that was selling quite well. But in general, as our economy becomes more stable, as consumer trust in the economy becomes stronger, so will fractional sales.

Jim Whitteron - President, Spring Creek Partners, Sales and Marketing Director, Capella Pedregal

Capella Pedregal has been exceptionally successful, even though sales have slowed somewhat in this new economic reality. This year and next, we have learned something new: that in order to adjust to the New Normal Part 2 (The "New Normal (1)" was a phrase coined post 9/11) we had to create new marketing ideas that were completely different from those of last year. In addition, our strategic alliance with Ultimate Escapes has been very successful.

What do I think about 2010 and beyond? I have some optimism that the industry will come back, but very slowly. Gone are the good old days when sales people were order takers. Gone are the days when people would write their checks after looking for a few minutes at the project.

Luca Franco – President of LLPI, Luxury Leisure Properties International

This year has been very difficult for everyone, but here and there are some fractionals that have been selling well. We manage the Four Seasons Residences in Punta Mita, Mexico, and there have been excellent sales there. The brand, of course, is exceptional, but the property is spectacular also. Slow, but picking up, Four Seasons Punta Mita has done very well this year.

I see 2010 as full of creative possibility. We are re-launching another of our projects in Mexico, Vallarta Gardens, in December. We have generated quite a bit of interest, and much of our marketing will target those who live in Mexico. Vallarta Gardens in Puerto Vallarta is a few hours from Guadalajara, a large city of ten million. In this economy, we have learned to use new strategies to market and to sell, and we have been successful. We must use new ideas for this new economic reality.

Eric Pierce - President, Pierce Group, LLC

Here are some standard answers for poor sales performance in 2009:

1) Consumers can’t afford to purchase second home real estate anymore because they took such a hit in their savings and retirement accounts.

2) Consumers can’t justify the expense right now because they are still worried about market turmoil and the possibility of values dropping further.

3) I even heard one example of someone who said they wouldn’t buy because it would look bad to their friends; i.e. “rubbing it in their faces”… whatever, not buying that one.

4) There is no consumer financing for fractional and until that comes back, nothing will sell.

But here is one that we don’t hear about:

The more difficult it is to sell, the more developers push super incentives and price breaks with sales people hammering the phones and email all day long to a point where they have offended the prospect. These tactics have been around for decades and are a recipe for disaster. What sales organizations have not done is provide methods to reduce buyer risk. I spoke to someone in Telluride recently and they said Franz Klammer fractional re-sales have been somewhat steady this year. This is because the development is sold out so there is very little risk. In July of this year, the Aspen Times reported that “fractional sales are carrying the market right now” with a 23% increase from the first half of 2008. So, instead of adding price breaks or trying to find financing for something that is already heavily discounted, developers should have been wowing their prospects with experience and lifestyle and using tools that reduce risk.

What will happen it 2010?

We should continue to see slower sales pace for the next 6 to 8 months but I’m optimistic for the start of a rebound in Spring/Summer of 2010. The high-end buyer will have been sitting on their hands (and wallets) for two years by then and will be anxious, especially as the stock market continues to correct itself. One point of caution however is primary home values. If they continue to remain stagnant, fewer buyers will have equity line opportunities that they can use for a new fractional purchase.

Developers without finished product will continue to struggle next year. We still have a glut of completed inventory on the market at very low prices. Furthermore, preview stays have becoming very popular and help bring in additional revenue to developers not to mention a strong audience of affinity buyers, so those developers without the completed inventory will be at a severe disadvantage.

Fractional sales should be the leader in the resurgence of resort real estate sales. We should start to see an emergence of new risk mitigation products and services for the industry which will help kick start sales again. When the perceived risk is reduced or eliminated and the market comes back the industry will take off.

Full ownership transactions might regain a little bit of the momentum they once had but definitely nothing like we saw in 2004 and 2005. It is just not practical for the majority of the vacation population. Due to the lack of demand for full ownership there will likely be fewer investment buyers as well for the foreseeable future.

The announcement came as a big surprise to an industry recently by traumatized by surprises: that Ultimate Escapes, the second largest Destination Club in the world, was being purchased by Secure America, a SPAC (Special Purpose Acquisition Company), and because of this, soon would become the first publicly traded destination club in existence. In addition to this surprise, came another: in order to close the deal, the acquisition of Private Escapes, another destination cub that was in a 2 year merge process, had to be completed. Last week, this deal was done, paving the way for the SPAC purchase of Ultimate Escapes.

Jim Tousignant recently spoke with me about the changes his company has gone through and where it hopes to go in the future.

What is a SPAC, and how does it work with Ultimate Escapes?

SPACs are common entities outside the shared residence industry that pool investors money, and find relevant companies to invest in. If they don’t find anything, money is given back to investors. Ultimate is the first destination club that has ever been looked at by a SPAC, and that is because we are the second largest with first rate potential for greater growth in the near future.

How did Private Escapes fit into all this?

This acquisition of PE came as a two year process - a labor of love actually, as we knew if we could get it done it would help us, help the industry and most of all, enhance the member vacation experience. It started out as a merger, ended up as an acquisition.

With acquiring PE, we are including 49 new residences, bringing in 50M in luxury resort real estate assets, 16 new club destinations and 387 new club members. It is good for us and good for the industry. Through this process, Rich Keith and I ended up being very good friends, and I think he will be a great company Chairman. He has the ability to travel extensively, and is extremely experienced in luxury real estate negotiation and acquisition. And it must be remembered, he is one the few, FEW people who started a successful destination club when there was no rule book to go by. He did it himself, which is commendable.

What are some of the positive consequences of the Secure America deal?

As regards Secure America, this is a good deal for everyone, and the processes are what many have been wanting for years - Financial transparency, quarterly disclosure statements of where the money stays and where it goes. Further, ours will become a publicly traded company, everything will be out on the table. This type of product demands it, and we will provide it.

Also, with the Secure America deal, we can expand our business as never before. As an example, we are looking at an equity-based club dimension, where the members could indeed buy equity in our company by purchasing our stock. That would be a totally new concept in the industry, and one that we THINK could be a real success.”

What do you think separates Ultimate’s model from the rest of the pack?

I am glad you say “pack” because I think our success lies in that we are a business model that HUNTS: hunts for other business, for other avenues of revenue, for other companies with whom we can strategically liaise so we and they can be more substantially monetized, so our brands can have deeper root systems, with more depth, and more breadth.

Also, you have to know that the first generation DC model just does not work anymore: 3 in, 1 out, 20% of the membership deposit returned to the business while 80% goes back to the member, well, it has been proved it won’t work. You can’t make a profit or even break even with 20% going back into the business. We have gone through a complicated year, and with the unpopular, though necessary, member assessment, we had to reactivate confidence building in our members, and had to reassure suspended members that they could come back without ill will. And in our conference calls, we attempted to answer over all member questions, and these were not simple yes/no’s! I have heard that other clubs on conference calls do not entertain Q&A's because they are just too hard to deal with! But I think we must deal with member concerns when they come up. We would not have a club if we did not have satisfied members!

Are there other deals you are looking at in the near future?

Of course, more deals are over the next set of mountains, and we are there to hunt and incorporate the best ones into our club. No club can survive unless it hunts for business. Lessons learned from this economy is that you can’t depend ONLY on membership acquisition to remain profitable. You also can’t depend ONLY on real estate increasing in value.

We also know there are other products out there that are competitive with ours – this is why we want to provide the best choices for our members. If we can keep them content with OUR choices, and be available to answer all questions any time, then our members will be content and we will have won the day.

From a recent posting on Destination Club Forums:

News from the past weeks are not very encouraging.

Some clubs are raising dues dramatically.

Some clubs are defrauding their members.

Some clubs are bankrupt.

Some clubs are unilaterally changing docs.

All clubs are reducing perks and cutting costs.

All the people backing every club has lost significant money.

Resignation list are such that you will not get your money back anytime soon.

Most clubs have availability problems.

Most clubs have disgruntled members or lawsuits.

Also most club nightly dues are now a lot less competitive with the rest of the industry.

Things have not been looking too positive for the Destination Club Industry lately. This is not news to the industry, as the classic first generation model has been criticized almost since its inception. The only time no one had any qualms was back in 1998, when the idea as first promulgated by Rob McGrath, and was as simple as it was untried: a club that was modeled on a golf and country club, where people paid a membership deposit, annual dues, and then went to enjoy the properties and destinations that the club owned. The idea hit a positive nerve! -- in those who knew about it, and the first club, Private Retreats, out of Telluride, Colorado was wildly successful. Soon thereafter came others - Exclusive Resorts, Private Escapes, High Country Club (HCC), then Ultimate Resorts, Quintess, Solstice, LUSSO and by 2006, the clubs were off and running.

Questions, however, began to arise early, because those who knew BOTH money and hospitality had thought early on that the DC industry was underpricing itself for all the amenities that members wanted and asked for. The underpricing of memberships, the skyrocketing cost of homes, the seduction of leasing, as well as the fluctuations of the real estate market all led to a complex picture than came to a head within the last few years, when many of the clubs lost steam, changed color or dropped out entirely. LUSSO declared Chapter 7, HCC did as well, Ultimate and Private Escapes have been in process of merging for two years, contrary to what was written in media outlets. The merger is supposed to be completed very soon. At best, these events disconcerted the existing as well as potential members of destination clubs. This made selling the DC product all the more difficult, which coincided with the downturn not only of the real estate industry but the general conspicuous consumer economy also.

As of this writing, the industry is working itself out of this Sisyphean quagmire, some better than others. Exclusive Resorts is raising its annual dues, Quintess seems to be holding its own, and Ultimate Escapes is doing a fascinating bit of magic: a reverse IPO with Secure America, making it the first destination club to become a publicly traded company.

However, no matter what happens, getting new members anywhere, for any club, will not be easy. The economy, purchasing priorities, and aspirational mindsets have changed drastically since those sweet, distant Private Retreats days in 1998.

It remains to be seen as to whether people interested in taking seamless vacations will come to destination clubs, or whether they will look into other areas, heretofore not well known to them. There are three models on the horizon that may give the classic destination club product a run for their money. In theory and practice, they have been in existence for years, but have not been as well known, mainly because they do not have well known brands. But they have become better known in the past few years, as those who want to take memorable, amenity-filled vacations in exceptional destinations, but without the trappings of a club contract, have found them.

First, the Villa Rental model. Villazzo is a prime, but certainly not the only, example of a high end villa rental company. Founded a few years ago by a European entrepreneur, Christian Jagodzinski. Christian knew the DC industry well, but could not get the numbers to balance out correctly, or well enough to his satisfaction. “I preferred to stay with the Villa concept,” he says, “because our clients knew what they were getting, they paid for what they used, and the whole thing seemed a lot less complicated.”

The Villazzo Villas are private homes throughout Europe, where private chauffeur transfers, a private helicopter transfer, dedicated concierges, pre-arrival grocery shopping, private chefs, maid service, all computer/fax/printer iPod set ups, are all in the highest-end locales. Prices range per week, between $5000 and $30,000 a night and up.

In addition, Villazzo will soon be launching another component of their business called V-Villas. V-Villas has been designed to offer a more flexible and affordable vacation environment. V-Villas also has an advantage of offering residences in a much broader range of destinations than ever before, with more to come. Multiple V-Villas are already in Mallorca, Ibiza, Saint Tropez, Miami and Capri.

Second, the Private Homes/Hotel model. Time And Place, a relative newcomer to the field, uses the new private homes/hotel concept, which combines the luxury and exclusivity of a private home with the services of the finest hotels in the world. Mitch Willey, founder and President of Time And Place, says, “The concept behind this company is to offer every conceivable service, yet respect and safeguard the privacy of our guests. “Many stay at multiple homes each year, where we take care of their every wish – but they have none of the hassles of home ownership, or risky long-term agreements.” Time And Place also owns some celebrity homes for rent - including Frank Sinatra’s and John Phillips’s Palm Springs homes. Price ranges from $800 to $1700 per night, with celebrity homes being a little higher. People can stay from 2 nights to as long as they wish.

In these two similar models, the distinct advantages lies in what is not expected: no club memberships, no long term contracts, no annual dues, yet with the same or very similar amenities that the highest end destination clubs have: private chefs, cars in garages, pre-arrival grocery shopping, maid service at least once daily, valet services, dedicated concierges, long- or short-term vacations in the highest end destinations.

Finally, the Destination Cellars model, which is less of a club in the destination club sense, and more of a travel/experience enclave for a niche population, mainly oenophiles. According to David Keuhner, President and Founder, business has increased 40% since the beginning of this year. There are three types of memberships, ranging from $10,000 to $80,000. Each membership is designed with a certain number of experiences the client wishes to enjoy over a period of time. Many experiences offer accommodations where clients have access to stay at international wine estates.

Destination Cellars also handles “wine experience” services for companies such as Exclusive Resorts, Merrill Lynch, YPO, Tiger 21, JG Blackbook Travel and MasterCard World and World Elite cardholders globally. In the Destination Cellars family, there are currently over 100 winery partners in 10 countries throughout the world. The most popular areas for clients to visit are Tuscany, Bordeaux, Burgundy, Napa and Sonoma.

These models are not yet changing the face of the Destination Club Industry. Ultimate Resorts, Exclusive Resorts, and others, will surely maintain as they evolve. But these models do show vacation buyer alternatives and choosing among alternatives is what democracy is all about.

This article originally appeared in FraxFinderA Tuscan State of Mind

In addition to Tuscany being an actual state in Italy, with ten regional provinces, 8000 square miles, 3.6million inhabitants, with Florence as its regional capital, it is also some thing else: a state of mind as well as a state of grace. It is a place where the countryside provides a clear contrast to its famed urban surroundings. The rolling hills, the ancient wineries that produce not only wine, but olive oil and lavender products, all exude an unusual sense of belonging combined with a palpable desire to remain.

It is no wonder, then, that the state of Tuscany is one of the most popular areas for all the destination clubs and private residence clubs. The clubs below have exceptional residences in the state (of grace and mind) of Tuscany:

Borgo di Vagli

Located in the heart of the Tuscan countryside, Borgo de Vagli is a quaint, meticulously restored 14th century Hamlet surrounded by a protected area of olive groves, fruit trees and ancient oaks. From the terraces, the member/owner can see panoramic views of the Tuscan hills, including an unimpeded view of the 10th-Century Pierle castle.

Borgo di Vagli is the result of a ten-year restoration project conceived and executed by renowned restoration engineer Fulvio Di Rosa, Fulvio's efforts have allowed Borgo di Vagli to maintain much of its original feel, atmosphere, and charm, without compromising modern day comforts. Borgo di Vagli is not for everyone. It is for those who enjoy the charm of ducking under 600 years old low doorways, catching scenic views through small windows cut through thick stone walls, and dining in a traditional candlelit Trattoria.

For those who wish to live the authentic Tuscan experience, Borgo di Vagli offers up to ten fractional ownerships for each residence equaling a 1/10 deed interest. Prices range from $85,000 for a one-bedroom residence to $130,000 for a two-bedroom, plus an annual management fee.

Castello di Casole

Surrounded by lush vineyards and olive groves, these 19 restored farmhouses are a mix of modern and traditional; 17th-century stone facades, glass-tiled infinity pools, private patios, wood-burning ovens and breathtaking views of the Tuscan hills. Fractional (1/10 shares) and full-ownership plans are available, with prices ranging from $585,000 for a fractional to over $6M for a wholly owned villa.

The Timbers Resorts, a leader in of luxury, boutique resorts have completed the final restoration and reconstructed farmhouse villas on 4,200 acres in the Tuscan countryside, about an hour outside Florence.

The Castello di Casole residences are organized around a series of glass-tiled, infinity-edge pools and hand-set stone patios complete with wood-burning ovens. Outside and in, one can trace the centuries across the hand-set loggias, terracotta vaulted ceilings and attention to exacting detail which makes each villa an individual expression of art and architecture. The farmhouse villas range from 3 to 5 bedrooms and include a private infinity-edged pool, with 4,000 to 7,000 square feet of living space. Furnishings are a collection of the finest interior appointments from local artisans and antiques gathered from throughout the region.

This historic estate is also home to the 18th-Century Castello, opening in spring of 2010 as an intimate hotel, with 41-suite plus penthouse. Formal and casual dining venues, terraces, pools, artisan shops and a world-class spa and fitness center will be available for an owner’s enjoyment.

Resort Equities

Resort Equities, an equity-based, boutique Private Residence Club, offers ownership opportunities at an exceptional 500 year-old restored farmhouse called Cologna Della Via. Nestled in the Tuscan town of Anghiari, on nearly twenty-plus acres of olive groves and cypress trees, the Cologna della Via 'compound' consists of four buildings including separate laundry and fitness rooms plus an infinity pool and veranda, with panoramic views of the Italian countryside. Cologna della Via's main house offers four bedrooms, four and one-half bathrooms as well as two parlors, two kitchens, a wet bar, dining room and two outdoor verandas. 

Cologna della Via is the first of 5 (to 10) exceptional residences in Tuscany that Resort Equities calls their "Bella Villa Collezione." A one-tenth ownership is priced at $425k to $450k depending on the time of year, and includes access to Resort Equities' exchange program with propertiesin San Francisco, Maui and Lake Tahoe.

Abercrombie & Kent Residence Club

A&K Residence Club was launched in September of 2008, and is the only club in the shared residence space whose roots lie in luxury travel. The residence club component is part of Abercrombie & Kent, a ½ century old luxury tour and safari operator. It is an equity-based destination club, and as such, the members own the club, and the club owns the homes, debt-free.

Pricing for this club range from $225,000 plus $17,000 annual dues for 15 nights to $495,000, with $42,000 dues for 45 nights. A&K Residence Club have four Villas in Tuscany:

Villa La Tenuta, Lucca

Situated amid the extensive gardens of a private 250-acre Tuscan estate, the Villa La Tenuta has been restored with modern comforts while keeping the original accents of Tuscan terracotta tiling and tremendous oak beamed ceilings.

Villa La Veduta, Lucca

With its name meaning “The View,” this stone farmhouse boasts some of Tuscany’s most breathtaking vistas. Situated on top of a hill within a sprawling 250-acre private Tuscan estate, the villa overlooks the rolling Tuscan hills on one side and the historic castle of Camugliano on the other.

For a musical retreat, there is a local chapel, just a two-minute walk away, featuring Sunday evening concerts in the summer.

Villa Bianca

Epitomizing the historic charm of a Tuscan villa, this picturesque property has been impeccably restored, keeping true to its origins and environment. Set in the heart of Chianti among a tranquil landscape of olive groves and vineyards, the sprawling residence is part of a private 30-acre estate complete with a private pool, spacious gardens and fruit orchards.

Villa Il Granaio

Villa il Granaio is a fully renovated farmhouse set amidst spectacular views of the Tuscan countryside – a quiet oasis of the famed Chianti region, still close enough for a daytrip to Florence, Arezzo and Siena.

Quintess

Quintess is a multiply-awarded high end destination club, whose members number about 500. Membership deposits range from $98,000 to approximately $800,000. With that deposit, members may access a portfolio of 80+ homes and experiences in 40+ destinations around the world with an average value of over $4.25 million each. One of these Quintess residences is a Villa near the town of Radda (in Chianti).

Located on 23 acres of Italian hillside with terraced gardens and views of the town of Radda, the Terra Toscana Villa is accented with Italian loggias, baked-clay masonry, and terracotta-marble and wood floors, providing enough accommodations for twelve guests. Originally a sixteenth century farmhouse, Terra Toscana is of a rural, Italian-vernacular architecture.

The 6,300-square-foot villa has six bedrooms laid-out amongst the main building and a guest apartment with separate entrance; both with private kitchens and living rooms. As is customary of Italian culture, social life revolves around food and wine, with the state-of-the-art kitchen with exposed-beam ceiling and the wine cellar with seating area as the focus.

Terra Toscana is located near the town of Radda in Chianti. Radda is ½ way between Siena and Florence.

The Hideaways Club

The Hideaways Club is a high end European based residence club, where each member owns a stake in the significant real estate portfolio. Pricing for the club ranges from $165,574 to $317.000. depending on the choice of period: priority, peak, mid-peak or off-peak.

The Podere Le Sensai is the Hideaways’ exceptional residence in Lajatico, Tuscany. It is a 150 year old restored farmhouse situated in a scenic area approximately two miles from the 12th century village of Lajatico and approximately 60 miles from the historic city of Florence. The property is set on two and a half acres of mature landscaped gardens that include a small olive grove and a swimming pool. Lajatico is the hometown of Andrea Bocelli and in the summer months, regular open air concerts and theatrical productions take place in the main piazzas of several of the surrounding town.