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Chesrown Files $72M Bankruptcy

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?

Here’s a look at the first two Kendall Yards office buildings (with restaurant)

Today's business news story is an update on progress at the near-downtown mixed use development, Kendall Yards. (Story may require Spokesman.com access to read it in its entirety.)

The project has, up to now, been focused exclusively on building out the residential half of the project. About 60 units have been built and sold to date.

Now the company behind the project, Greenstone Corp., is starting two new commercial buildings. The first, in the rendering above, is the building on the left. It's called the Cedar Street Park Commercial Building.  A restaurant will fill the side facing the river.

The second commercial building is the one on the far right. It will be a two-story — plus daylight basement — office building, with no tenants yet announced. The two other buildings between those are also on the drawing boards, but will not move forward until some tenants/owners are lined up, said project manager Adam Jones.

Renderings come from Spokane's nystrom + olson architecture.

Club At Black Rock Has New Owners

From Black Rock press release via Coeur d’Alene Press online site: “The Golf Club at Black Rock, LLC is pleased to announce that on November 1, 2010, it completed and closed the acquisition of the golf course, beach club, and related facilities formerly operated as The Club at Black Rock. The Golf Club at Black Rock, LLC is an entity formed by eight Black Rock homeowners. Black Rock is a world class golf and residential community conceived and developed by Marshall Chesrown, who operated the Club under The Club at Black Rock, LLC. The amenities associated with Black Rock include an award-winning Jim Engh designed golf course, a 30,000 square foot private clubhouse, 382 home sites, and a beach club facility.” More here.

Question: What will be Marshall Chesrown’s legacy as a North Idaho developer in lieu of his financial problems with Black Rock?

Patrick: Don’t Enjoy Bad News Of Rich

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?

Eagle Eye: Duane Hagadone Still King

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!”

Chesrown Gives Up On Black Rock

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?

Black Rock North In Foreclosure

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?