Latest from The Spokesman-Review
Glenn McDonald walks near a cabana owned by Roger Anderson on Thursday. McDonald is concerned about two community docks proposed by Anderson near his waterfront property on Lake Coeur d’Alene. (SR photo: Kathy Plonka)
A developer’s proposal to sell ownership in a private beach and community docks on Lake Coeur d’Alene is getting attention as a potential precedent-setter for real estate sales on the lake. Roger Anderson, of Boise, owns the Estates at Black Rock, a gated upland development, and also owns waterfront property north of Rockford Bay with two other relatives, Travis Anderson and Christopher Anderson. Last year, the Andersons built a 1,755-square-foot beach cabana on the 360 feet of lakeshore they own through limited liability companies and a partnership. They’ve also applied for a state permit to install two community docks with a total of 12 slips/Becky Kramer, SR. More here.
- Also: Black Rock neighbors oppose community dock proposal/David Cole, Coeur d'Alene Press
Question: Would you be upset if you owned a Black Rock property?
Marshall Chesrown, who became the face of posh housing and gated golf course developments in the region but struggled as the economy soured, has filed a $72 million personal bankruptcy to complete the stunning collapse of his fortunes. Chesrown listed his net worth at $514,173 – a tiny sum compared to his billion-dollar aspirations that once included the Black Rock luxury golf club along Lake Coeur d’Alene, Kendall Yards near downtown Spokane, and Legacy Ridge in Liberty Lake. He now lives in Delray Beach, Fla., where he shares a modest condo with a woman and works as an automotive consultant. His assets include $500,000 of equity in a $1 million Legacy Ridge mansion still in his name, along with $9,500 in a retirement fund; $450 cash in pocket; $580 in two bank accounts; and several thousand dollars in furnishings and personal items. The bankruptcy will unfold in a South Florida federal court/John Stucke, SR. More here.
Question: Does the money Chesrown owes add perspective to the amount of money you owe?
After lecturing readers that it isn’t nice for little people to relish the financial calamities of the big people, like Marshall Chesrown (who recently turned over his Black Road interests to the bank, Editor Mike Patrick of the Coeur d’Alene Press goes on to opine: “If you were one of those who cheered at the front-page news,
publicly or privately, we beg you to reconsider. Had the operation closed, about 150 jobs would instantly have
been lost. Ask Steve Griffitts, the region’s economic
development boss, what he’d give for 150 jobs today and
you’d probably see Steve looking wistfully at his right arm.
The Club at Black Rock isn’t just a slice of paradise for
wealthy golf aficionados. It’s an important piece in North
Idaho’s overall employment puzzle.” More here. (SR photo: Jesse Tinsley, Black Rock development)
Question: Did you enjoy hearing the news that Marshall Chesrown was struggling financially so much that he had to turn his Black Rock holdings over to the bank?
Re: Chesrown gives up on Black Rock/John Stucke, SR
Eagle Eye: Interesting that 5 years ago a number of people were talking about the passing of the CdA power torch from Hagadone to Chesrown and Stone. I think at that time the old man just chuckled a little and said give it some time. Hagadone has taken on several risky ventures from the Resort to the Resort Golf Course to the Terrace Condos. But one thing he is would be one smart dude when it comes to business and developments. Coeur d Alene has never seen anyone with the business saavy that he has. Give the guy his due. And five years later he is still the King of CdA!
Question: Do you agree w/Eagle Eye that pretenders come and go, but Duane Hagadone remains “King of CdA!”
SR photog Jesse Tinsley spotted this sign along Loffs Bay Road while he was shooting photos for John Stucke’s story about Marshall Chesrown and the prestigious Black Rock development. Black Rock neighbor George Mitchell erected the sign in fall 2003. Former SR colleague Erica Curless wrote about the sign a month later. You can read all about it here.
- Idaho Records/Sherry Adkins, SR
- Thursday Scanner Traffic/DFO, Huckleberries Online
- Crisp, blue skies bring temps in 80s/Mike Prager, SR
- Spokane-to-Sandpoint runner hit by vehicle/KXLY
- Baker will say goodbye to hero husband at Arlington/KREM
- Medical helicopter dispatched to US 2 crash/Spokesman-Review
- Lawyer: CHS baseball coach Rook hurt by economy/Tom Hasslinger, CdA Press
- Shock will host title game after holding on to beat Iron/Jim Meehan, SR
- Blanchette: Spokane thrives on just-enough mentality/SR
- Golf mag honors Circling Raven course/Golf Week, The Wire
- Real Life Church giving out free school supplies Sunday/CdA Press
- Kootenai County OKs impact fee measure/Alecia Warren, CdA Press
- Case of woman who cut neighbor’s trees headed to court/Tom Hasslinger, Press
Marshall Chesrown has surrendered ownership of his landmark Club at
Black Rock luxury golf and housing development above Lake Coeur d’Alene
amid the ongoing collapse of high-end real estate in North Idaho. Washington Trust, a privately held Spokane bank, filed public
records in Kootenai County this week taking the deeds from Chesrown in
lieu of foreclosure. The bank listed four loans totaling $12.5 million in its filing.
Bank President Jack Heath could not be reached for comment
Thursday afternoon. The action is the latest setback for Chesrown, who embarked on ambitious projects that catered to the wealthy/John Stucke, SR. More here. (SR Photo: Jesse Tinsley)
Question: Is there a warning here for developers who want to build exclusive subdivisions around North Idaho lakes? And to the communities who are asked to annex or suppor them?
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 (pictured) 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./John Stucke, SR. More here.
Question: How will this development affect the local economy?