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?