Indeed. At the last timeshare presentation I attended, I got the distinct impression that the annual fees more than covered the operator's costs, including the initial capital investment. That would make the initial sale price pure profit.
Collecting big money up front and delivering a benefit of zero net value later. These timeshare sellers must have learned something from FF programs!
The only thing useful about time shares, are the gifts you get for attending their presentations -- got a week stay in St. Thomas for merely spending 60 minutes at a Fairfield presentation, and just saying 'No thank you'.