Documentary examines millionaire moguls hurt by financial crisis

The first 15 minutes are worrisome, because “The Queen of Versailles” appears to be yet another film about consumption starring a trophy wife and much older business mogul husband.

In fact, “The Queen of Versailles” is a documentary about David and Jackie Siegel who, along with their brood of eight children, are in the process of building the largest privately-owned home in America. It is a 90,000 sq. ft. palace nicknamed “Versailles.”

However, over the course of two years, director Lauren Greenfield discovers a story much different from the typical rich power-couple fare.

David Siegel is the CEO of Westgate Resorts—one of the largest timeshare companies in the world whose profits rely on cheap credit. When the financial bubble bursts, the Siegels’ livelihood and lifestyle implode. The half-finished palace goes on sale and Westgate owes millions to the bank. Seigel later laments to the camera, “This is almost like a riches-to-rags story.”

It is important to note the main characters are not caricatures. Jackie Siegel has an engineering degree and her husband did not inherit his fortune.

The film includes footage featuring important supporting narratives that provide a more comprehensive view of the economic meltdown. For example, Jackie’s childhood friend whose home is also in foreclosure; the family’s Filipino housekeeper Nebab; Cliff Wright, a commercial realtor-turned-limo driver for the Siegels.

As the economy disintegrates, so does the family. The older children become aware of their father’s callousness and Jackie tries desperately to laugh her way through their financial troubles while David locks himself away determined to be back on top. The ending of the film is true to the pattern of documentaries—not all stories end happily.