Troubled Luxury Community in Coeur d'Alene Purchased - Spokane, North Idaho News & Weather KHQ.com

Troubled Luxury Community in Coeur d'Alene Purchased

COEUR d'ALENE, Idaho - An 1,100-acre luxury golf community development project in northern Idaho that failed to attract any home buyers and was foreclosed on has been purchased by Fidelity National Timber Resources Inc.

That company is a real estate subsidiary of Fidelity National Financial Inc. Company founder William Foley II tells The Spokesman-Review that the purchase of Black Rock North is an investment intended to benefit the company's shareholders.

American Bank, based in Bozeman, Mont., filed the foreclosure action last year seeking $14.6 million plus $400,000 in interest. Foley declined to reveal when or how much Fidelity paid to acquire the note held by American Bank.

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