EBAY Disney vero beach #150069427709

[mikesmom]

For what it's worth, you can check up on the non profit (if you received an accurate name) at guidestar.org . They keep a list of IRS approved 501 c3 organizations.

 

[tomandrobin]

Interesting read, can't wait for the final act ......

Good Luck!!

(Oh, on a side note, I was biding on the unit too. My last bid was $12,000 and never got around to bidding on Saturday)

 

[Doctor P]

Boy, this has gotten interesting. Let's just say that the original owner (not the charity) may come out of this smelling like a rose, and the charity isn't going to do too bad either. The ROFR angle is fascinating and I will be very interested to see how this all shakes out.

 

[Lucky82061]

just staying tuned.. good luck!

 

[disneyeveryyear]

Good luck! I have my fingers crossed for you.

 

[dianeschlicht]

Hmmmmm, unless the contract was registered to the charity prior to sale, I'm not so sure it can't be ROFR'ed. Can't wait to see what happens here. Good luck!

 

[kdzgon]

Hmmmmm, unless the contract was registered to the charity prior to sale, I'm not so sure it can't be ROFR'ed. Can't wait to see what happens here. Good luck!

Does this mean you know (or believe?) DVCs actually owned by (and then sold by) charities are exempt from Disney's ROFR?

 

[tjkraz]

Does this mean you know (or believe?) DVCs actually owned by (and then sold by) charities are exempt from Disney's ROFR?

If I'm following here, it sounds like "Party A", the original owner of the contract, has either willed or donated the contract to "Party B", the charity. Under such a scenario, there would be no ROFR.

Now we've got "Party B" selling the contract to "Party C", which is mattnday. In that case, ROFR WOULD apply.

One of the many unknowns here appears to be whether the transfer from "Party A" to "Party B" was ever formally completed.

 

[dianeschlicht]

If I'm following here, it sounds like "Party A", the original owner of the contract, has either willed or donated the contract to "Party B", the charity. Under such a scenario, there would be no ROFR.

Now we've got "Party B" selling the contract to "Party C", which is mattnday. In that case, ROFR WOULD apply.

One of the many unknowns here appears to be whether the transfer from "Party A" to "Party B" was ever formally completed.

Yes, that was my thought process. Sorry, I tend to not completely say what I mean.

 

[rlduvall]

Boy, this has gotten interesting. Let's just say that the original owner (not the charity) may come out of this smelling like a rose, and the charity isn't going to do too bad either. The ROFR angle is fascinating and I will be very interested to see how this all shakes out.

Doctor P: Do you mind explaining what you mean "that the original owner may come out of this smelling like a rose . . ."?

I absolutely do not mean this in a disrespectul tone. Having become a new DVC owner, I am trying to learn as much about the inner workings as I can . . . and I tried to analyze that comment and came up with nothing.

Thanks so much.

 

[jakenjess]

This is interesting! Hope it works out for you!

 

[CRSNDSNY]

Great thread....I hope this works out for everyone.

 

[DisneyKidds]

What an interesting saga.

Yes, when acquiring DVC you want to make sure you work with a reputible company who knows exactly what they are doing. Of course, sometimes when you pursue other things you might just get lucky.

I think Mattnday stepped in it. I think they'll get the points without ROFR interference. I could be wrong, but I hope I'm not. No, I don't think the person responsible for the auction knew as much as they should have, but he seems on the up and up trying to figure it out and get it straight. His confusion may work to Mattnday's advantage if he sorts it out.

What happens if I want to just give my DVC contract membership to someone else? Transfer the deed without selling my contract? Say I want to give it to my kids. I can probably just transfer the title to their name, no questions asked.

That may be what happens here, although I hope nobody threw any flies in the ointment by having the original owner transfer the title to the charity, who then sold the points. I hope it goes off as simple as this......

Mattnday donates $13,001 to the charity. As a result of the donation the owner transfers title of a DVC ownership interest to Mattnday. Technically the contract was never sold, hence no ROFR.

No, I'm not a lawyer, nor did I stay at a Holiday Inn Express last night.

Good luck....hope it works out.

 

[all5ofus]

The seller has finally agreed to at least get the unit in the charity's name. The deed has already been recorded but no paperwork has been sent to Disney.

This was the last response:

Disney may not interfere with the charitable donation process established by the IRS. The deed from our donor has been returned by the county recorder and we are sending it to Disney tommorrow to transfer ownership. They are not a charity and cannot issue form 8283 for tax deductable donations therefore cannot match the offer recieved by our donor. They may try to block usage by our charity after legal title has been conveyed or try buy the timeshare from us prior to us selling to you but nothing can put your purchase money at risk.


It will definately be interesting to see how this turns out

The charity would still be the donee for the purpose of the form 8283. Under ROFR Disney replaces the buyer, not the seller. The charity would certify the donation on the 8283 then the charity sells the contract for cash. It doesn't matter from the charity's side or the donor's side if the ultimate buyer was Disney or mattnday.

I believe Disney would have the legal right to exercise ROFR but expect that they would waive it. It could be a messy transaction that they probably would be smart to stay out of. Ultimately any one transaction doesnt affect the overall ROFR process.

 

[kdzgon]

What an interesting saga.

... I hope it goes off as simple as this......

Mattnday donates $13,001 to the charity. As a result of the donation the owner transfers title of a DVC ownership interest to Mattnday. Technically the contract was never sold, hence no ROFR.

No, I'm not a lawyer, nor did I stay at a Holiday Inn Express last night.

Good luck....hope it works out.

I'm not a lawyer, either, but I suspect this would not work at all. If your scenario were to happen, seems to me it might well appear that Mattnday will have made a charitable deduction for $13,001 (deductible if he obtains a receipt, has sufficient taxable income, etc), the charity will have $13,001, and the original owner will have no $$, no DVC, no charitable deduction and will have made a gift that might well require a gift tax return be filed and either a gift tax paid or a reduction in lifetime exemption taken.

I don't know if a legal contract requiring Mattnday to "donate" the funds in exchange for transfer of property would change this, but then I suspect it would not allow avoidance of classification as a "sale".

edited to add: My guess is also that Disney will not exercise ROFR. The last posted VB deal to pass was only $59, and included some points. This is a relatively small contract for a property whose sales are "out of season", being sold by a charity through eBay for only a few dollars less than another deal that passed ROFR recently. IMO, the potential PR "hit" Disney could take by getting involved with a charity sale might not be worth any gain to Disney. VB is not even a property with a waiting list, and my guess is most other VB property owners would chalk up the price to the fact it was a charity event rather than causing a fear of falling values.

 

[DisneyKidds]

Good points. The original owner will most likely get a tax deductible receipt for the amount the contract was sold for at auction. That is how donations of vehicles to the American Cancer Society are handled.

Whether it's something to do with the way the title is handled and ownership is transferred, or Disney simply declines their ROFR, I think Mattnday will still get the points. I hope so.

 

[mikesmom]

There's no way Mattnday is going to get a deduction out of this. You have to deduct the market value of goods or services received before you can claim a deduction. Even if I go to a charity diiner at $50/pop, I have to deduct the market value of the dinner and then can claim the balance as a deductible donation. The original owner, of course, would get a deduction.

 

[ClarabelleCow]

I'm finding this whole saga very interesting. I'm curious to see how it plays out. I have always thought about trying to buy some Vero points, but really low balling the price, like 45 - 50 a point, to see if it would go through! Does anyone know if any Vero points have been ROFR'd lately???

 

[mydogdrew]

I'm finding this whole saga very interesting. I'm curious to see how it plays out. I have always thought about trying to buy some Vero points, but really low balling the price, like 45 - 50 a point, to see if it would go through! Does anyone know if any Vero points have been ROFR'd lately???

200 pt contracts have passed at $61 and rofr'd at $59 recently. $60 seems reasonable. I think this will not get past review.

 

[Dean]

If it is indeed a bonafide charitable organization and a legitimate donation, the previous owner would get a deduction. Anyone buying won't be able to get a deduction at all.