Another victim of the current economy, the pre-paid vacation club One Key World is closing it’s doors.

One Key was founded by Jay Sapovits, a former executive from the fractional and jet card world. Jay was trying to apply this model to the luxury vacation home market. His company offered several levels of pre-paid cards, which gave access to a vetted list of hundreds of vacation homes around the world. One Key didn’t own any of the homes but checked and validated each one and then offered concierge and high-end travel services for its members.

In a short statement Jay said “One Key has ceased its operations and is conducting an orderly wind down of its business. Like many other businesses and individuals, One Key was subject to a once-in-a lifetime economic crisis that has left few untouched.”