What if you owned a "Key" to Castle McKenzie
The plan is to offer a very limited number of deeded shares of the Castle McKenzie property so the large castle addition can be built and paid for. So for a fraction of it's cost and worth, co-owners will have full use of the castle for vacations, to generate a rental income, or both, for a specified amount of weeks. This is why it is called Fractional Ownership--- not to be confused with Timeshare.
Fractional ownership simply means the division of any asset into portions or shares. If the “asset” is a property, the title or deed can be legally divided into shares. In certain instances this is done by creating a "mezzanine structure", i.e. creating a company which owns the property then allowing multiple owners or investors to own shares in the company. Those shares can then be purchased and owned by more than one individual. The reasons for a "mezzanine structure" can vary. Two common reasons are to allow transfer of shares without the need to reflect changes on the title or deed to the property, and for tax benefits.
Fractional ownership is not the same as timeshare. Fractional ownership affords much of the freedom and usage benefits offered in timeshare, however, the fundamental difference with fractional ownership is that the purchaser owns part of the title (as opposed to units of "time"). Therefore, if the property appreciates in value, then so do the shares. As with whole ownership, fractional owners can sell whenever they deem necessary, releasing the capital growth from their "bricks & mortar" investment.
Fractional Ownership of Real Property
The popularity of the term fractional ownership has caused extensive rebranding in other industries where similar concepts, such as real estate timeshares were already well established. The main distinction between timeshare and fractional ownership is that with a timeshare you buy the right to use a property, but with fractional ownership, you are buying real estate. You get a deeded piece of real estate, just not for the entire parcel.
That may be possible in the very near future. We are considering offering fractional ownership shares in the castle property, rather than selling the castle property outright. Doing so will allow us to share the expanded and enlarged Castle McKenzie with a very limited number of lucky partners who share our love of castles. It will also allow us to keep a share of the castle for ourselves and grandchildren for the future. The shares will be for the existing castle real estate as well as the proposed addition... thus another reason for offering this opportunity. It will allow us to build the long-awaited addition onto the castle, creating two totally seperate living areas--- perfect for extended family sharing or for renting the two halves.
If the advantages of fractional ownership appeal to you in your situation, and if you are interested in receiving additional and specific information about the possibility of becoming a fractional owner--- owning a "key" to the Castle McKenzie, please click on the yellow box below, and complete the short information request form. We will then put you on our information request list. As we move forward with this venture, we will keep you advised and you will have the opportunity to reserve a "Key" position if you so desire once you have all of the facts.
Requesting additional information does not obligate you in any way for anything.
Wikipedia defines Fractional Ownership as:
Isn't Fractional Ownership just like a timeshare?
These are not timeshares, which are merely contracts specifying a right to use a property on certain weeks for a set amount of time, afterwhich you own nothing. With Fractional Ownership it is an actual deeded interest in the property--- in this case, Castle McKenzie. You can sell it, leave it in your Will, put it in a trust, practically anything you could do with any normal deeded property. You can even rent the weeks you don't use to help pay your share of the taxes, maintenence, etc.
Castle McKenzie as it stands right now.
Castle McKenzie with the proposed addition.
What is Fractional Ownership?