EXHIBIT 21



|                                                                                                                         |  |                
|------------------------------------------------------------------------------------------------------------------------ |  | ---------------
|Entity Name                                                                                                              |  | Jurisdiction   
|AKGI Lake Tahoe Investments, Inc.                                                                                        |  | CA             
|AKGI Poipu Investments, Inc.                                                                                             |  | HI             
|AKGI St. Maarten, N.V., Inc.                                                                                             |  | DE/NA          
|Alpine Apartment Hotel LmbH                                                                                              |  | Austria        
|Andalucian Realty Ltd                                                                                                    |  | England & Wales
|Argosy Grand Beach, Inc.                                                                                                 |  | GA             
|Argosy Partners, Inc.                                                                                                    |  | GA             
|Argosy/KGI Grand Beach Investment Partnership                                                                            |  | CA             
|Argosy/KGI Poipu Investment Partnership, LP                                                                              |  | HI             
|Benal Holdings Limited                                                                                                   |  | Gibraltar      
|Benal Management Limited                                                                                                 |  | Gibraltar      
|Blue Bison Funding Corporation                                                                                           |  | DE             
|Broome Park Estates Ltd                                                                                                  |  | England & Wales
|Canaryroute Limited (f/k/a LSI Travel Club)                                                                              |  | England & Wales
|Citronsa Canarias SL                                                                                                     |  | Spain          
|Citrus Insurance Company, Inc.                                                                                           |  | NV             
|Club Sunterra Development California, LLC (f/k/a Club Sunterra Development II, LLC f/k/a Sunterra Texas Development, LLC |  | DE             
|Club Sunterra Development Hawaii, LLC (f/k/a Sunterra East Marketing, LLC)                                               |  | DE             
|Club Sunterra Development, LLC                                                                                           |  | DE             
|Club Sunterra Limited                                                                                                    |  | England & Wales
|Club Sunterra, Inc.                                                                                                      |  | FL             
|Club Via Limited                                                                                                         |  | England & Wales
|Collie Inversion Inmobilario Santa Cruz SL                                                                               |  | Spain          
|Cotiempo SL                                                                                                              |  | Spain          
|Dutch Elm Holdings, LLC                                                                                                  |  | DE             
|Dutch Elm, LLC                                                                                                           |  | NV             
|Epic Declarant, Inc.                                                                                                     |  | DE             
|Epic Master Funding Corporation                                                                                          |  | DE             
|Epic Receivables 1999, LLC                                                                                               |  | DE             
|Epic Residual Assets, Inc.                                                                                               |  | DE             
|Flanesford Priory Limited                                                                                                |  | England & Wales
|Floriana Holdings Limited                                                                                                |  | Gibraltar      
|Floriana Management Limited                                                                                              |  | Gibraltar      
|George Acquisition Subsidiary, Inc.                                                                                      |  | NV             
|Go Sunterra Limited (f/k/a Flanesford Management Limited)                                                                |  | England & Wales



---

|                                                                              |  |                
|----------------------------------------------------------------------------- |  | ---------------
|Grand Beach Partners, L.P.                                                    |  | CA             
|Grand Beach Resort, Limited Partnership                                       |  | GA             
|Grand Escapes, LLC                                                            |  | DE             
|Grand Vacation Company (Europe) Ltd                                           |  | England & Wales
|Grand Vacation Travel Limited                                                 |  | England & Wales
|GVC Gran Canarias Management SL                                               |  | Spain          
|GVC Nominee Ltd                                                               |  | England & Wales
|GVC Spanish Benalmadena Management SL                                         |  | Spain          
|GVC Spanish Management SL                                                     |  | Spain          
|Hewicoon SL                                                                   |  | Spain          
|IGR Mougins Sarl (FNTC company-shares owned by Grand Vacation Club Title Ltd) |  | France         
|International Timeshares Marketing LLC                                        |  | DE             
|Kabushiki Gaisha Kei, LLC                                                     |  | CA             
|Kenmore Club Ltd                                                              |  | Scotland       
|KGI Grand Beach Investments, Inc.                                             |  | GA             
|KGK Investors, Inc.                                                           |  | CA             
|KGK Lake Tahoe Development, Inc.                                              |  | CA             
|KGK Partners, Inc.                                                            |  | CA             
|Lake Tahoe Resort Partners, LLC                                               |  | CA             
|Los Amigos Beach Club Limited                                                 |  | Isle of Man    
|Los Amigos Beach Club Management Limited                                      |  | Isle of Man    
|LS Financial Services Limited                                                 |  | England & Wales
|LS International Resort Management Limited                                    |  | England & Wales
|LS Interval Ownership Limited                                                 |  | England & Wales
|LSI (Wychnor Park) Limited                                                    |  | England & Wales
|LSI Developers, Ltd                                                           |  | England & Wales
|LSI Properties Ltd                                                            |  | England & Wales
|Mazatlan Development Inc.                                                     |  | WA             
|Mercadotechnia de Hospedaje S.A. de C.V.(dormant)                             |  | Mexico         
|Merceta Canarias SL                                                           |  | Spain          
|Meridiat Canarias SL                                                          |  | Spain          
|MMG Development Corp                                                          |  | FL             
|Octopus GmbH                                                                  |  | Austria        
|Pastor Inmobiliario Insular SL                                                |  | Spain          
|Pine Lake Management Services Limited                                         |  | England & Wales



---

|                                                                                           |  |                
|------------------------------------------------------------------------------------------ |  | ---------------
|Pine Lake plc                                                                              |  | England & Wales
|Poipu Resort Management Company                                                            |  | HI             
|Poipu Resort Partners, LP                                                                  |  | HI             
|Premier Vacations, Inc.                                                                    |  | FL             
|Resort Management International, Inc.(CA)                                                  |  | CA             
|Resort Marketing International, Inc.                                                       |  | CA             
|Resorts Development International, Inc.                                                    |  | NV             
|Resort Management Services SL                                                              |  | Spain          
|Sahara Sunset Resort Management SL                                                         |  | Spain          
|Secure Firstcon, Inc.                                                                      |  | DE             
|Secure Middlecon, Inc.                                                                     |  | DE             
|Signature CapitalWest Maui L.L.C.                                                         |  | DE             
|SunSera Funding Corp.                                                                      |  | NV             
|Sunset Sur SA                                                                              |  | Spain          
|Sunterra Balearic Sales SL                                                                 |  | Spain          
|Sunterra Cabo Development S. de R.L. de C.V.                                               |  | Mexico         
|Sunterra Cabo Management Company S. de R.L.de C.V.                                         |  | Mexico         
|Sunterra Centralized Services Company                                                      |  | DE             
|Sunterra Centralized Services Global, LLC                                                  |  | DE             
|Sunterra Centralized Services Nevada, LLC                                                  |  | DE             
|Sunterra Centralized Services USA, LLC                                                     |  | DE             
|Sunterra Citrus Share Holding, Inc. (f/k/a Sunterra South Marketing, LLC)                  |  | DE             
|Sunterra Clubs (Europe) Ltd. (f/k/a GVC Clubs (Europe) Ltd)                                |  | England & Wales
|Sunterra Communications, LLC                                                               |  | DE             
|Sunterra Coral Sands Development, LLC                                                      |  | DE             
|Sunterra Cypress Pointe I Development, LLC                                                 |  | DE             
|Sunterra Cypress Pointe II Development, LLC                                                |  | DE             
|Sunterra Cypress Pointe III Development, LLC                                               |  | DE             
|Sunterra Daytona Development, LLC (f/k/a Sunterra Bent Creek Golf Course Development, LLC) |  | DE             
|Sunterra Deutschland Betriebsgesellschaft mbH                                              |  | Germany        
|Sunterra Deutschland Holding GmbH                                                          |  | Germany        
|Sunterra Deutschland Vertriebsgesellschaft mbH                                             |  | Germany        
|Sunterra Developer and Sales Holding Company                                               |  | DE             
|Sunterra Epic Mortgage Holdings, LLC (f/k/a Sunterra KGK Partners Finance, LLC)            |  | DE             
|Sunterra Europe (Group Holdings) plc                                                       |  | England & Wales
|Sunterra Europe (Holdings) Ltd.                                                            |  | England & Wales
|Sunterra Europe Ltd, (formerly LSI Promotions France)-BRANCH                               |  | France         
|Sunterra Europe Ltd. (f/k/a Grand Vacation Company Ltd)                                    |  | England & Wales



---

|                                                                                           |  |                
|------------------------------------------------------------------------------------------ |  | ---------------
|Sunterra Fall Creek Development, LLC                                                       |  | DE             
|Sunterra Finance Holding Company                                                           |  | DE             
|Sunterra Financial Services, Inc.                                                          |  | NV             
|Sunterra Grand Beach I Development, LLC                                                    |  | DE             
|Sunterra Grand Beach II Development, LLC                                                   |  | DE             
|Sunterra Greensprings Development, LLC                                                     |  | DE             
|Sunterra Hilton Head Development, LLC (f/k/a Sunterra Bent Creek Village Development, LLC) |  | DE             
|Sunterra Italia SRL                                                                        |  | Italy          
|Sunterra Mexico Share Holding, LLC (f/k/a Sunterra Kallof Place Development, LLC)          |  |                
|Sunterra Lake Tahoe Development, LLC                                                       |  | DE             
|Sunterra Las Vegas Development, LLC (f/k/a Sunterra Polynesian Isles Development, LLC)     |  | DE             
|Sunterra Management and Exchange Holding Company                                           |  | DE             
|Sunterra Management Limited (f/k/a Grand Vacations Management Ltd.)                        |  | England & Wales
|Sunterra Menorca Management SL                                                             |  | Spain          
|Sunterra Mexico Group Holdings S. de R.L. de C.V.                                          |  | Mexico         
|Sunterra Mexico Share Holding, LLC (f/k/a Sunterra Kallof Place Development, LLC)          |  | DE             
|Sunterra Mijas Sales SL                                                                    |  | Spain          
|Sunterra Mortgage Holdings, LLC                                                            |  | DE             
|Sunterra Ownership LLC                                                                     |  | DE             
|Sunterra Pacific Realty, Inc. (f/k/a VI Realty, Inc.)                                      |  | CO             
|Sunterra Pacific, Inc. (f/k/a Vacation Internationale, Inc.)                               |  | WA             
|Sunterra Palm Springs Development, LLC (f/k/a Sunterra North Marketing, LLC)               |  | DE             
|Sunterra Poco Diablo Development, LLC                                                      |  | DE             
|Sunterra Port Royal Development, LLC                                                       |  | DE             
|Sunterra Portugal Clube de Ferias Ltd                                                      |  | Portugal       
|Sunterra Powhatan Development, LLC                                                         |  | DE             
|Sunterra Residual Assets Development, LLC                                                  |  | DE             
|Sunterra Residual Assets Finance, LLC                                                      |  | DE             
|Sunterra Residual Assets M&E, LLC                                                          |  | DE             
|Sunterra Resort Management, Inc. (f/k/a RPM Management, Inc.)                              |  | AZ             
|Sunterra Ridge on Sedona Development, LLC                                                  |  | DE             
|Sunterra Ridge Pointe Development, LLC                                                     |  | DE             
|Sunterra Sales Italy Srl                                                                   |  | Italy          
|Sunterra San Luis Bay Development, LLC                                                     |  | DE             
|Sunterra Santa Fe Development, LLC                                                         |  | DE             
|Sunterra Scottsdale Development, LLC (f/k/a Sunterra Poipu GP Development, LLC)            |  | DE             
|Sunterra Sedona Springs Development, LLC                                                   |  | DE             
|Sunterra Sedona Summit Development, LLC                                                    |  | DE             
|Sunterra Spanish Sales SL                                                                  |  | Spain          
|Sunterra SPE 2004-1, LLC                                                                   |  | DE             



---

|                                                                         |  |                
|------------------------------------------------------------------------ |  | ---------------
|Sunterra SPM, Inc.                                                       |  | DE             
|Sunterra St. Croix Development, LLC                                      |  | DE             
|Sunterra Steamboat Development, LLC                                      |  | DE             
|Sunterra Tahoe Beach & Ski Development, LLC                              |  | DE             
|Sunterra Tenerife Sales SL                                               |  | Spain          
|Sunterra Title Ltd. (f/k/a Grand Vacation Title Ltd)                     |  | England & Wales
|Sunterra Travel Ltd. (f/k/a GVC Travel Ltd)                              |  | England & Wales
|Sunterra Travel, Inc. (f/k/a Vacation Time Travel, Inc.)                 |  | WA             
|Sunterra Villa Mirage Development, LLC                                   |  | DE             
|Sunterra Villas of Sedona Development, LLC                               |  | DE             
|Sunterra Voyages SARL                                                    |  | France         
|Sunterra West Maui Development, LLC (f/k/a Sunterra West Marketing, LLC) |  | DE             
|TerraSun Holdings, L.L.C.                                                |  | DE             
|TerraSun, L.L.C.                                                         |  | NV             
|Thurnham Vacation Club Management Ltd.                                   |  | England & Wales
|Torres Mazatlan S.A. de C.V.                                             |  | Mexico         
|Torres Vallarta S.A. de C.V.                                             |  | Mexico         
|Vacaciones Compartidos Mazatlan y Vallarta, S.A. de C.V.                 |  | Mexico         
|Vacacionistas Internacionales Mazatlan S.A. de C.V.                      |  | Mexico         
|Vacacionistas Internacionales Vallarta S.A. de C.V.                      |  | Mexico         
|Vacation Club Partnerships Limited                                       |  | England & Wales
|Vacation Owners Club SA                                                  |  | Spain          
|Vacation Research Ltd                                                    |  | England & Wales
|Vacation Time Share Travel, Inc.                                         |  | Bahamas        
|Vilar Do Golf Empreendimentos Turisticos Lda                             |  | Portugal       
|West Maui Resorts Partners, LP                                           |  | DE