Skip to main content

tv   Cashin In  FOX Business  March 13, 2016 9:30am-10:01am EDT

9:30 am
at i'm bob massi. i'll see you next week. [ woman vocalizing ] >> i'm bob massi. for 34 years, i've been practicing law and living in las vegas, the center of the recent real-estate crisis. lives were destroyed from coast to coast as the economy tanked. now, well, it's a different story. the american dream is back, and nowhere is that more clear than the sunshine state of florida. so we headed from the strip to the beach to showyou how to live the american dream. i'm gonna meet real people who are facing serious problems, take you behind the gates of properties you have to see to believe, and give you the tips that everyone needs to navigate the new landscape, because information is power, and the property man has got you covered. [ woman vocalizing ]
9:31 am
thanks for joining us. i'm bob massi. a while back, i introduced you to david and jackie siegel, the billionaire couple building themselves the largest home in america. this project started 12 years ago, and construction is still going on. but now a personal tragedy has completely changed the focus of their lives and, of course, adjusted their priorities. in a few minutes, i'll take you inside the home, and we'll hear what their mission has become. but first, let's take a look at how they got there. david siegel -- well, he knows about construction. he built the time-share empire westgate resorts from scratch, starting with 16 villas in an orange grove outside of orlando and growing into the largest privately owned time-share company in the world. but in 2004, david and his wife, jackie, took on a completely different construction project, building a dream home that would end up being the largest in america. 12 years later, it is still
9:32 am
a work in progress. the 90,000-square-foot house was set to contain 13 bedrooms, 30 bathrooms, a bowling alley, indoor swimming pool -- guess what? -- a 20-car garage. the sprawling estate was about 60% completed when the economy crashed back in '08, almost taking all of westgate and all of siegel's fortunes with it. david and jackie were forced to stop all construction on versailles and eventually list a half-built mansion for sale with a price tag of $100 million. the entire ordeal became part of the documentary "the queen of versailles." but the economy improved, westgate resorts came back, and, again, the siegels bounced back, and in the end, the versailles estate -- it was never sold. construction -- it ramped up again. then last summer, tragedy struck. the siegels were faced with every parent's worst nightmare, the death of their child. 18-year-old victoria siegel had graduated from high school
9:33 am
with dreams of opening her own sushi restaurant, but she also had developed an addiction to prescription drugs. >> i didn't even know she was on drugs. that's how scary it was. >> last june, while jackie and david were out of town, victoria died of an overdose at the mansion that the family was living in while versailles is still being completed. >> we flew back immediately, and before i even buried her, i decided that i was going to spend the rest of my life doing something about this horrific problem -- drug addiction in this country -- and i didn't know what i could do to make a difference. >> the death of someone changes your whole life. i mean, losing my daughter, all my priorities have changed. >> the house is on the back burner. although it's under construction, we will finish it, it's not a top priority
9:34 am
right now. >> i don't even really care about versailles anymore, you know? i mean, it needs to get done. i'm not gonna leave it in a shell, but... >> the siegels instantly changed the focus of their lives. they launched the victoria's voice foundation, a charity aimed at raising awareness and supporting youth and families affected by substance abuse. >> we can't bring her back, but what we can do is try to just bring awareness, let people know the dangers of the drug overdoses. every four minutes, there's a drug overdose. >> david siegel -- well, he poured himself into the issue and began researching teenage drug addiction. even with running westgate and overseeing all the construction of the mansion, david says his number-one priority now is to help teens struggling with drug addiction. >> it is being brushed under the carpet. 350 people a day. that's like a jumbo jet liner
9:35 am
with 350 passengers crashing at the airport, and it goes unreported. there is a product out there. it's called naloxone. if a person who's overdosing is caught before they die, and you give them naloxone, 5 minutes later, they'll be standing on their feet telling you what they took. it's like antivenin for a snakebite. so my first goal is to get drug testing. my second goal is to get naloxone in the hands of everybody in the country. it should be as common as aspirin. >> he also wants to bring together the thousands of small family foundations people often set up after a loved one dies from an overdose. >> you see in the paper "in lieu of flowers, make a donation to mary jane's foundation." they raise a little bit of money. they have no guidebook. they have no game plan. so what happens? it disappears. there's a lot of things that they could do. they could go talk to school
9:36 am
assemblies and get on the stage and say, "i don't want your parents to have to be up here talking to you like i am today." they can go to their politicians and get certain local laws passed. i'm coping because there'll be a day -- i don't know when it will be -- that i'll know that i saved enough lives where i can actually say, "it's lucky for these people that my daughter died because all these people are gonna be living as a result." her legacy is gonna be that millions of people are gonna get help and stay alive because she died. >> through her grief, jackie's determined to keep moving forward and looks towards the future. >> versailles needs to get done, but i want to get more involved with helping save lives, helping people with their drug addiction. >> she's not been back to versailles since victoria died, but agreed to return for the first time to show me around, and it wasn't easy.
9:37 am
we'll go inside when we come right back. when you think about success, what does it look like? is it becoming a better professor by being a more adventurous student? is it one day giving your daughter the opportunity she deserves? is it finally witnessing all the artistic wonders of the natural world? whatever your definition of success is, helping you pursue it, is ours. t-i-a-a.
9:38 am
9:39 am
9:40 am
♪ >>david and jackie siegels project to build themselves the largest home in america has survived some major setbacks. jackie has not been back to the site since her daughter died, but has vowed to get the project on track and agreed to show us around. ♪ >> walking down this area here, it reminds me of being in one of those magnificent cathedrals, for example, that you'll see in different parts of the world, particularly in europe. >> yeah. >> and tell us about this great room. >> it's so big that you can actually put a four-story building in here, but that's how tall our ceilings are. what we plan on doing is having some spectacular charity events here. that's why i wanted a great room, and especially now that we have our victoria's voice foundation, we'll probably have a huge kickoff party... >> sure. >> memory of her.
9:41 am
>> let's talk about this beautiful rotunda up here with this stained glass. >> this glass, it's by an artist named bogenrief, him and his son. it took him a few years to piece it together, and it was over half a million dollars. >> what i want to do is do a mirror image of that window on the floor, and i want to use, like, real semiprecious gemstones. ♪ so, jackie, you know, when you look at the situation, people will say "why?" this is how many square feet? >> this home is 90,000 square feet, but we're probably gonna add like a guest house and a tennis club. >> 90,000 square feet, 30 bathrooms -- >> yeah, over 14 bedrooms. >> over 14 bedrooms, 9 kitchens -- and that includes a commercial kitchen. >> right. >> multiple dining areas. >> yes. >> bowling alleys and everything else -- what is the motivation behind this? >> we didn't plan on building the largest home in america, but by the time -- like, i wanted a health spa, david
9:42 am
wanted a movie theater, we added another movie theater, then he wanted bowling alleys, and then... >> it just sort of -- just morphed. >> in order to fit all that in. ♪ >> how much property does this sit on? >> this sits on 10 acres. i think it takes up a whole acre just for the house. if you go into a walmart -- you know how big walmart is. >> i do. >> it's the same square footage as a walmart. >> that's big. ♪ now we're entering the master-bedroom area. >> you have to take a tour just to get through the master bedroom. >> i'm picking up what you're putting down on that. i understand. we're having a living room in the master bedroom, along with a kitchen. >> right. >> you don't want to have to go downstairs. >> we won't have to go too far for a cup of hot milk in the middle of the night. this i think you would call the bedroom chamber. the bed is gonna be on a motor that you can turn the bed, push a button, and you could face the fireplace, watch tv, or it can shift around, and you can have the beautiful view of the lake.
9:43 am
>> it's full service. it's full service. [ both laugh ] >> by the way, every bedroom in this house has a jacuzzi, even our servants'. >> we are now walking into your closet. do you have, like, any idea at all how many square feet this area is alone that's part of your closet? >> well, i know it's larger than most people's homes. >> yes. >> probably 1,500 square feet at least, maybe 2,000? >> yeah, it's big. and i'm seeing something over there that looks like it's two doors with gold, and it looks like it opens, which means it's probably an elevator. >> oh, you're good. >> it's amazing. well, you know, i'm the property man. [ both laugh ] do you ever, like, pull in here one day and say, "why -- why do i need all this for?" >> you know, actually, the house isn't, like, as important to me anymore as it used to be. >> of course. >> you know, since we lost our daughter... >> understood. >> ...we kind of put it like
9:44 am
on the back burner, but the thing is, since we've already started it, it would be a shame to not finish it at all. >> of course. was there ever a point where you said like, "enough is enough here"? 'cause now you're telling me you're expanding your closet, and... >> it was kind of a long process. so it's not that shock, you know what i mean? >> it's shocking, jackie, no matter what. it's shocking, okay? >> funny. >> it's hard to believe you want to leave the house, okay? >> we'll never have to. >> no. i'm talking about just to come out here. >> oh, okay. >> but when you come out here, and you have this beautiful view. >> i think we have like 1,500 feet on the lake. >> and then this is gonna be the pool area here? >> one of our six pools. >> six pools? >> inside the house, we have an indoor swimming pool, and then i wanted to put an ice-skating rink down on the bottom of the house, but just dealing with the zamboni and all that just seemed -- >> oh, you don't want all that aggravation. you got six pools. what do you need all that aggravation? >> so i put a roller rink instead. >> oh, so you rent out the roller skates? are they free? >> i'll give them away for free. >> i'm sure by the next time i talk to you, there's gonna be
9:45 am
some other things you're gonna add on... >> yeah. >> ...and change. and david will never know until it's finished, right? >> or until he watches your show. >> that's exactly right. >> [ chuckles ] >> coming up next... you may have heard of safe rooms, but you probably think it's not something you need or a luxury item you can't afford. you'll be surprised to hear what we've learned. so stick around. [ woman vocalizing ] when it comes to small business, she's in the know. so strap yourselves in for action flo! small business edition. oh, no! i'm up to my neck in operating costs! i'll save the day! for plumbers and bakers and scapers of lawn, she's got insurance savvy you can count on. you chipped my birdbath! now you're gonna pay! not so fast! i cover more than just cars and trucks. ♪ action flo did somebody say "insurance"? children: flo! ♪ action flo
9:46 am
cut! can i get a smoothie, please? ooh! they got smoothies? for me. ♪ it was always just a hobby. something you did for fun. until the day it became something much more. and that is why you invest. the best returns aren't just measured in dollars. td ameritrade.
9:47 am
you premium like clockwork. month after month. year after year. then one night, you hydroplane into a ditch. yeah... surprise... your insurance company tells you to pay up again. why pay for insurance if you have to pay even more for using it? if you have liberty mutual deductible fund™, you could pay no deductible at all. sign up to immediately lower your deductible by $100.
9:48 am
and keep lowering it $100 annually, until it's gone. then continue to earn that $100 every year. there's no limit to how much you can earn and this savings applies to every vehicle on your policy. call to learn more. switch to liberty mutual and you could save up to $509. call liberty mutual for a free quote today at see car insurance in a whole new light. liberty mutual insurance. >> welcome back. i'm bob massi, the property man. you know, the jodie foster movie "panic room" introduced many people to the concept of safe rooms. >> you have your own ventilation system and a bank of surveillance monitors that covers nearly every corner of the house. >> what's to keep someone from prying open the door? >> steel. very thick steel. >> but safe rooms aren't just to protect you from movie villains.
9:49 am
they can keep your family safe from any type of danger -- tornado, hurricanes, intruders. and they could be a lot less elaborate and more affordable than you think. carl ludecke and his daughter, kristin beall young, build custom homes at charlie johnson's builder in central florida, and they offer an optional safe room built into every house. >> there are a lot of reasons that people would build a safe room, whether it be tornados, hurricanes, fire. here in central florida, of course, we have seen the devastation that comes with tornados, with hurricanes, and so many people in this area know families that have been impacted, people that have been killed, that have been hurt. >> but once the rooms are built, you'd never know. >> normally, it's integrated into either a bathroom that doesn't have windows, an interior bathroom, or most of the time it's actually a closet. once it's completed, it's drywalled and painted, et cetera, you would really
9:50 am
never know that it was a safe room. >> and just like everything else in custom home building, they could be as simple or as elaborate as you want. >> there's a variety of doors that will come with these houses. it just depends on how much you want to spend. you could get a steel door in a frame where, when you turn the lock, it's just like a bank vault door. >> the nice thing is that a safe room can be used for a lot of different reasons, whether it be an intruder, a place to store valuables, a place to go during storms. >> here's the important thing. they got to be strong. >> people are killed because those trees fall on them in their homes. so this room is a place that could withstand that tree falling on the house. >> in fact, they could withstand a lot more than that. safe rooms are tested to ensure that they can stand up to pretty much anything you can imagine. these safe rooms were built with bullet-resistant panels made by armorcore, and as you can see, they're virtually
9:51 am
indestructible. [ gunshot ] the weather channel put one safe room to the test by blasting it with a jet engine. >> these rooms are engineered for 250-mile-per-hour winds. every cell of the concrete block is reinforced with rebar, and that rebar goes from a separate footer system all the way up the walls, across the top of the ceiling, and then back down, and it's all tied together. if the whole house collapsed around it, the trusses fell in, the walls fell in, it is an entity unto itself with a separate footer system, a separate ceiling. >> and stronger materials can make a huge difference. think a cinder-block house is secure enough? the insurance institute for business and home safety test structures made both with common materials and stronger, reinforced materials. >> they actually build houses in a facility in the carolinas, and they wind-test them, and
9:52 am
you can see them coming apart. we have a safe room that is integrated into the master closet, and it's accessible from the master bath. we've got poured cells that are reinforced with steel running in every cell all the way around the room. it can withstand a lot higher wind load than, let's say, the rest of the house. >> those plans are for a home with a safe room that they are currently building with cynthia and her family. >> a safe room would be like a safe haven for us, you know. just in case we have to evacuate, i won't have to go out. >> the safe room has just been poured. none of the interior walls are in yet, but it gives you a good idea of how it's structured and where it's placed inside the home. let's go take a look. the safe room has got a 12x12 opening in the ceiling there. you also notice all these downpours. each one of these cells has been filled with concrete. so that concrete runs all the way up, along with the steel -- all the way up and all the way over the top of the ceiling here in
9:53 am
the safe room. you can see we've got the cross vents that have been poured in place. we've got two 4-inch vents so that if their a.c. is, for any reason, knocked out during a storm, you do have the ability to breathe in the room. that's pretty important. and then, of course, you'll see that we've got the door here. this is a steel door that's been poured in place, and it's been built into the concrete safe room. inside this room, once it's completed, there'll be a landline, there'll potentially be an alarm system so you can see if someone is in the house, where they're moving around. you can also do that. it can also have a separate breaker so that you have the ability to run a generator outside. >> the rooms give peace of mind to residents like bernice, who had hers built into the bathroom. >> we have horrible hurricanes, tornados, and that one thing about it, i love that security. >> yet inside her house, you'd never know that the safe room was there. >> the first little sign that
9:54 am
it's a safe room is, of course, the width of this threshold. it's much thicker than your traditional 2x4 wall, and, of course, this steel door, which is much stronger than a traditional interior house door. >> the door has to open in, because if the whole house collapses around you, and if the door opens out, you're not gonna get out. >> so all the safe room doors open in. and we've also got a few features here like the telephone outlet and, of course, the fresh-air vents to make sure that there is airflow in and out of the room in case there is no power during a storm. >> some simple additions to a regular bathroom that could make all the difference when it counts. >> a safe room is something that isn't really expensive and can really give you peace of mind. >> there's more you need to know about staying safe in a disaster, and i'll run it all down for you next in the massi memo. [ woman vocalizing ] at ally bank, no branches equals great rates.
9:55 am
it's a fact. kind of like grandkids equals free tech support. oh, look at you, so great to see you! none of this works. come on in.
9:56 am
9:57 am
9:58 am
at ally bank, no branches equals great rates. it's a fact. kind of like social media equals anti-social. hey guys, i want you to meet my fiancée, denise. hey. good to meet you dennis. >> welcome back. i'm bob massi, the property man, and it's time now for the massi memo. we jus safe rooms, but if this is something you're looking into, you must pay attention to some key points whether you have a safe room or not. there are some things you need to knowbeforean emergency strikes. if you purchase a safe room independent of your house, make sure you have a reputable manufacturer that meets all the necessary fema requirements.
9:59 am
find out if the builder is certified by the national storm shelter association. if you are building or renovating your property, visit and check out the fortified home standards. very important. ask your builder to meet these engineering and building standards. they can really reduce the amount of damage inflicted on your home by natural disasters, and most are not too expensive. it's all about preparation and design. make sure you itemize your essential needs. no last-minute drills. this is about safety. depending upon how many adults are in the home, make sure each of you have designated responsibility in case of an emergency. nothing last-minute. that's when people get hurt. safety is the key. do not use hazardous or flammable goods like candles. it's dangerous. as always, there is more information on our website at that's it for today. be sure to send me your
10:00 am
questions or property stories at i'm bob massi. i'll see you next week. [ woman vocalizing ] >> announcer: the following program is a paid advertisement for the food lovers fat loss system, brought to you by provida life sciences-- practical solutions for better living. >> i'm annette, i'm from studio city, california. i'm a mother of three, i weight 155-1/2 pounds. this is the heaviest i've ever been. i'm a size 10. ...and this is me now! i lost 25 pounds and went from that size 10 to this size 2 in just 12 weeks. how did i do it? i became a food lover. >> i'm a food lover and i lost 36 pounds. >> i'm a food lover and i've lost 50 pounds. >> i'm a food lover and i lost 60 pounds. >> i'm a food lover and i lost 82 pounds in eight months.


info Stream Only

Uploaded by TV Archive on