Bank files action for $14.6 million against luxury home project on Lake Coeur d’Alene
The complaint filed by American Bank, based in Bozeman, Mont., centers on Black Rock North, a 1,100-acre tract that Chesrown and his investment companies envisioned as an extension of the original Black Rock luxury golf club at Rockford Bay.
Though construction crews built the second golf course, the demand for luxury homes to pay for the project has collapsed. No homes or lots have been sold and the Black Rock North Development group has defaulted. The plans included 206 homes and 325 condo units overlooking the lake.
The development company hasn’t made a payment this year and efforts to reach a loan restructuring agreement with American Bank have so far failed, said Chesrown’s lawyer, Barry Davidson, a Spokane attorney specializing in bankruptcy, receiverships and business restructurings.
Davidson emphasized that Black Rock North is separate from the adjoining Club at Black Rock, the area’s first exclusive waterfront golf retreat.
Interesting...
Article here
Wow, that's two big resorts so far this year. At least the original will stay open. I feel bad for all the Tamarack residents who really got hosed.
It is a bummer... But, it's not really "Black Rock", but rather a secondary portion of Black Rock, so the resort is staying in tact, but not the second golf course.