Black Rock North Project Facing Foreclosure
COEUR D’ALENE, Idaho — A lawsuit filed in Kootenai County District Court names 11 different contractors and companies. Black Rock North has allegedly never paid for work on the luxury development. The outstanding bills total to more than $3 million.
“We never got our money,” said Jim Thorpe, President of Thorco Electrical Construction.
Thorpe has worked on Black Rock Projects for the past decade. Last spring, the company installed a generator in the pump house of the new golf course at Black Rock North.
Thorpe billed Black Rock $116,000 for the work, months passed and nothing came in, not even a dime.
Thorpe said this is the largest outstanding debt his company has had in 50 years.
“Well, it’s unfortunate… you try and keep a good attitude about it,” Thorpe said.
Thorpe isn’t the only one waiting to be paid.
American Bank holds the mortgage for the upscale project, it hasn’t received a payment from Marshall Chesrown since at least December 2008.
Wednesday, American Bank filed a lawsuit and Black Rock North now faces foreclosure. That lawsuit claims Chesrown owes more than $15 million.
An attorney for Chesrown said private investor funds backing the project dried up.
Chesrown plans to move forward with the development once the real estate market bounces back. In the meantime, Thorpe just wants his money back.
“It certainly isn’t going to put our company upside down but guys will probably see the effect of that come the end of the year,” said Thorpe.
Thorpe said the loss could affect bonuses and employee profit sharing. Though disappointed, Thorpe forgives Chesrown.
“You gotta take the high road, you don’t want to take the low road… if you take the high road you’ll never regret doing that,” Thorpe said.
The bank wants the Kootenai County Sheriff’s Department to auction off the 11,000 acres to pay for the debt, leaving little hope Thorpe will see a check anytime soon.