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Personal Finance

Fractional Ownership Means Luxury for Less

Tuesday, March 21, 2006 4:34:39 PM
By MICHAEL J. MARTINEZ

Eric Pai, center, poses with his wife Judy, right, son Alexander, 9, far left, daughter Samantha, 8, left, and Nicholas, 11, far right, at their Bonita Springs, Fla., home Monday, March 13, 2006 . When Eric Pai is yearning for the beach, he packs up his wife and kids and heads for Naples, Fla., to a $3 million second home right on the water, and when he wants to ski, it's off to his second home in Deer Valley, Utah. Pai is a member of Exclusive Resorts, a vacation "ownership club" that allows its members access to homes in vacation hot spots for a fraction of the price of actually owning one of them. (AP Photo/Luis M. Alvarez)NEW YORK (AP) - When Eric Pai is yearning for the beach, he packs up his wife and three kids and heads for Naples, Fla., to a $3 million second home right on the water, with flat-screen TVs, a stocked pantry, a private concierge and even a PlayStation for the kids.

And when he wants to ski, it's off to his second home in Deer Valley, Utah. This summer, he's off to his second home in the Caribbean haven of St. Tropez. In all, Pai has 300 second homes in 35 destinations in North America, the Caribbean and Europe.

Total price: $395,000, plus $25,000 in annual upkeep, roughly the cost of a very modest vacation home in any one of these places. Pai is a member of Exclusive Resorts, a vacation "ownership club" that allows its members access to multimillion-dollar homes in vacation hot spots for a fraction of the price of actually owning one of them.


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