Startribune reports that the Lusso Collection, a luxury destination club that had assembled a portfolio of multi-million dollar residences is in financial trouble.

Lusso isn’t the only high-end destination club or private resort to succumb to the sagging economy and the eroding real estate market.

Several recently have closed, consolidated or reduced services as membership sales have fallen and their business models have been turned upside down by plunging real estate values.

The Lusso Collection portfolio of multi-million dollar residences in the world’s most desirable vacation spots (such as Cabo San Lucas, Aspen, Miami, Hawaii and the Bahamas) has acquired its first European property, a $5 million villa in Tuscany – its first European estate.

Located on the outskirts of picturesque Cortona, La Ripa (picture above) is a 500-year-old, 4,000-sq.-ft. fully-restored stone farmhouse with five bedroom suites, stone fireplaces, terracotta floors and brick archways , enhanced by luxurious modern amenities : the estate’s 27 landscaped acres include a privately situated swimming pool, lush gardens and olive and cypress groves.

The ancient city of Cortona is nearby and Florence and Sienna are about 50 miles away. Cortona has a large number of restaurants, festivals and regular open air markets where you can become a true local.