My wife and I went to a presentation put on by The Residency Collection where they were saying they were building a property in Cabo due to be available next year. They also offer a vacation club membership in which you put up timeshares you no longer want and they will be sold by Bloomberg Holding Enterprises. We have tried multiple times to get Bloomberg to complete the contract to no avail.
We were approached on the beach in front of Pueblo Bonito Rose. The presentation was at a little mall approximately five miles north of town. They had a brochure and model of the property which was to be built on the Pacific side just past the Ritz Carlton. They say they have an existing property in Puerto Vallarta.
It wasn’t too high pressure but persistent i.e. three hours of pitch. We received a full portfolio of the vacation club program and a receipt for our payments: $5000 for the vacation program and $1000 to Bloomberg to sell our timeshare. Bloomberg was a separate transaction and contracts.
Sadly, it looks like another scam. Beware
We write about this from time to time as various grifters ride into town and set up a variation of this scam. Two things to watch for: Timeshare is sold at the property, not some off property office. Even if the sales office is in a trailer on a patch of dirt, timeshare is sold at the property where it is to be built. Second, don’t ever, ever, ever pay anyone, anyone, anyone up front for selling your crappy old timeshare you want to dump. Pay only for results; pay when they sell it for you.
And btw, what are you doing buying another timeshare anyway? What makes you think you’re going to like it more than the one you’re trying to dump? Maybe you’re not a good timeshare picker? Just a thought.