Janna Rankin Scharf, GRI, CLHMS, SFR - Chesrown signs The Club at Black Rock over to the bank
I can't say I was surprised to read the news reports that Marshall Chesrown has signed over the assets of The Club at Black Rock to Washington Trust Bank. The Spokane bank is reported to have had $12,000,000 in outstanding loans to Chesrown's LLC. The assets of The Club at Black Rock, namely the golf course and clubhouse, are reportedly to be valued well over that amount.
The Club at Black Rock is just one more casualty of the dramatic downturn in the real estate market, and follows Chesrown's recent loss of other high-end developments. Chesrown invested his own fortune in its development, and it has become renowned as a top rated golf course.
One thing I do know about Marshall Chesrown is that he is a class act, and I applaud him for taking the high road in this attempt to make the best of the situation for the membership of The Club at Black Rock and Washington Trust Bank. He may be down, but I wouldn't count him out just yet...
Click here to read: The Club at Black Rock, It's a Buyers Market from my blog in June.
Click here to read the entire story in The Spokesman Review: Bank Takes Over Club at Black Rock.
Give me a call if you would like current market information on the spectacular properties for sale at The Club at Black Rock. Truer words than these were never said: it's a BUYERS MARKET!
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