ILX Resorts (ILXRQ) 10-K 2006 FY Annual report

ILX RESORTS INCORPORATED

LIST OF SUBSIDIARIES

All-Star Resorts, Inc., an Arizona corporation

FPB Holdings Incorporated, an Arizona corporation

Genesis Investment Group, Inc., an Arizona corporation

Golden Eagle Realty, Inc., a Colorado corporation

Golden Eagle Resort, Inc., an Arizona corporation

Harbor Southwest Development, Inc., an Arizona corporation

ILE Florida, Inc., an Arizona corporation

ILE Sedona Incorporated, an Arizona corporation

ILX Bell Rock Incorporated, an Arizona corporation

ILX-Bruno LLC, an Arizona limited liability company

ILX Tourist Station Incorporated, an Arizona corporation

Kohl’s Ranch Water Company, an Arizona corporation

Laveen Properties, Inc., an Arizona corporation

Premiere Development Incorporated, an Arizona corporation

Premiere Media Incorporated, an Arizona corporation

Rocky Point Genesis Incorporated, an Arizona corporation

Southern Vacations, Inc., a Florida corporation

Timeshare Resale Brokers, Inc., an Arizona corporation

Varsity Clubs of America Incorporated, an Arizona corporation

VCA Management Incorporated, an Arizona corporation

VCA Nevada Incorporated, an Arizona corporation

VCA South Bend Incorporated, an Arizona corporation

VCA Tucson Incorporated, an Arizona corporation

Los Abrigados Partners Limited Partnership, an Arizona limited partnership

VCASB Partners General Partnership, an Arizona general partnership