Now, more than ever, a large segment of the population are finding themselves “Cash Rich and Time Poor”. Many people are finding themselves with the means to live an extraordinary life, but are not sure how to participate. Whether it is new money (a dot-com that worked), generational money (thanks daddy) or acquired money (retirement) the question remains the same: with increased business and family commitment, what is the best way to enjoy a luxury life.
For years, the answer was to own more of what you have. Buy a beach house in the Hamptons and a winter house in Palm Springs. Buy a V12 convertible and a 50 ft. sailboat. While there is defiantly pride in owning the finer things in life, unfortunately, they come with a certain amount of baggage. Second homes require upkeep and boats require constant attention. Also, there is always that nagging feeling, “Am I really getting enough use out of these purchases?”.
Enter Fractional Living. An increasing number of people are making the decision that it is more cost effective and time intelligent to own a fractional piece of the world of luxury. Five years ago Rob McGrath launched Private Retreats Destination Clubs. For around $500,000 you buy into a world of luxury houses available to you on demand. Summer one year in Cabo, ski that winter in Jackson Hole and celebrate your moms 60th birthday in Florida. Destination Clubs provide house staff, cooks, drivers and a way of living that is organized and executed by trained hospitality experts.
This idea of fractional living has exploded. There are now over 20 destination clubs and the fractional concept has been extended to sailboats, exotic cars, golf membership and private planes. The jet set are finding that instead of spending their time and money on owning things, they can spend their time on filling their life with experiences.
Red Rocket has been working in the world of fractional membership for over two years now. Dream Catcher Retreats (www.DCR.com) is a destination club focused on not only providing amazing $5-million homes but also five-star hospitality. Our private jet company, OneSky (www.onesky.com) provides on-demand air travel at up to 40% off traditional private jet companies.
Fractional living is a growing trend that will continue to expand into new categories. There are even fly fishing destination clubs that specialize in the ultimate angler experience. So if you have the money, but not a lot of time, destination clubs and fractional living can provide you with experiences and adventures that are sure to be envied at your next cocktail party.
Michael Kosowicz, Senior Partner