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?