Black Rock North faces foreclosure - Spokane, North Idaho News & Weather KHQ.com

Black Rock North faces foreclosure

Marshall Chesrown Photo Courtesy The Spokesman-Review Marshall Chesrown Photo Courtesy The Spokesman-Review
The Club at Black Rock The Club at Black Rock

Black Rock North faces foreclosure: Bank files action for $14.6 million against luxury home project on Lake Coeur d'Alene

John Stucke The Spokesman-Review

COEUR D'ALENE, Idaho - Bankers have filed a $14.6 million foreclosure action against one of developer Marshall Chesrown's ambitious and upscale projects overlooking 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.

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.

 

More information from

www.spokesman.com

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