Business


French developer in contempt of court

SATURDAY, JUNE 11, 2011

Tamarack Resort principal misses foreclosure hearing

BOISE – An Idaho judge on Friday declared the French developer of a failed central Idaho ski resort in contempt of court for missing yet another hearing in the resort’s ongoing foreclosure case.

French native Jean-Pierre Boespflug was ordered to appear in state court after missing a hearing last month and a court-imposed deadline for turning over financial documents.

When Boespflug failed to appear, 4th District Court Judge Michael McLaughlin declared him in contempt, issued another arrest warrant and started the clock on fines that could cost Boespflug up to $5,000 per day.

Boespflug’s whereabouts were unknown, and he did not have an attorney representing him in court.

He is the majority owner of Tamarack Resort, a ski and golf resort about 90 miles north of Boise. Boespflug estimates he personally lost as much as $45 million in his Tamarack investment after the real estate market plunged in 2008, slowing sales of condos and homes at the resort.

The downturn, coupled with a cash shortage from him and his partners, left Boespflug and other investors unable to repay a $250 million construction loan from a syndicate led by Credit Suisse Group.

The resort is now in foreclosure proceedings in state court after bouncing in and out of bankruptcy in federal court.


 

There is one comment on this story »