Post Falls Landing auction canceled, again - Coeur d'Alene Press: Local News

Post Falls Landing auction canceled, again

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Posted: Tuesday, October 9, 2012 12:00 am

COEUR d'ALENE - Developer Harry Green has filed a new bankruptcy case, canceling Monday's trustee sale at the Kootenai County courthouse of the Post Falls Landing property.

The Chapter 11 corporate bankruptcy was officially filed Friday afternoon by Green's Point at Post Falls LLC, doing business as Post Falls Landing, in U.S. Bankruptcy Court in Coeur d'Alene.

"It's now postponed indefinitely," said J.D. Hallin, of Lukins and Annis, of Coeur d'Alene, which represents project creditor Liberty Bankers Life Insurance Co.

According to a notice for Monday's auction, the amount owed on the loan for the property is $7.58 million, plus an additional $1.6 million in interest and late charges.

Green couldn't immediately be reached for comment Monday.

The multi-use development along Spokane Street and the Spokane River was to be sold to the highest bidder Monday on the courthouse steps.

The project once was touted as a future anchor at the heart of Post Falls, but development has languished for more than a decade.

An auction also was scheduled for December of last year until Green filed Chapter 11 corporate bankruptcy the morning of the sale.

That bankruptcy case was dismissed by Chief U.S. Bankruptcy Judge Terry L. Myers, allowing Liberty Bankers to proceed with foreclosure on the 33-acre site near the Post Falls Dam.

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