If you don’t know what a destination club is, it’s probably because you don’t make enough money. A cousin to the better-known time-shares, it emerged as a popular new vacation trend about five years ago, catering to affluent and adventurous travelers who wanted to enjoy the comforts of a second home without worrying about the upkeep.

Club members would pay a one-time deposit starting at about $40,000 and annual dues of $3,000 to $100,000; in return, they’d enjoy access to hundreds of multimillion-dollar properties with something to suit everyone’s taste.

The recession has put a damper on the lifestyles of the rich and famous, however, as plunging memberships have forced some clubs into bankruptcy and left club management top-heavy with real estate, just as the market took a nosedive. Destination club members did not own the properties, but the annual dues they paid gave them access to the homes for a fixed number of days each year. In bankruptcy, club members would be treated as unsecured creditors, and many of their $40,000+ deposits evaporated.

Despite the industry’s contractions, at least some of its members remain loyal. According to one fan, “It’s a bummer, but we’re still open-minded.”