The Canadian Press - ONLINE EDITION

Northern Idaho luxury home items centre of foreclosure battle

  • Print

COEUR D'ALENE, Idaho - An Arizona developer and the owner of a California car dealership are fighting over high-end appliances and hundreds of other items removed from an 11,000-square-foot luxury home in northern Idaho just before a foreclosure sale.

The items include a $45,000 French-made gas cooking range, a $40,000 spiral staircase, a $60,000 boat slip, and an $8,000 pedestal sink.

Dana Martin owns the home and two adjacent lots on the west shore of Lake Coeur d'Alene, The Spokesman-Review reported (http://bit.ly/1rqjDBw).

Denny Ryerson, 69, built the house as a dream retirement home. But he defaulted on bank loans during the recession.

Martin acquired the bank note in 2013 from Idaho Independent Bank. Last month, he made the only foreclosure offer — $7 million — for the home. The mechanics of the bid allows him to apply the amount of money he's owed by Ryerson on the defaulted bank loans.

But within days, he discovered that crews working for Ryerson had removed hundreds of items. Martin's attorney, Bruce Anderson, in court documents writes: "The premises could only be described as 'stripped.'"

He adds that all the "windows were covered with sheets or other coverings to keep observers from seeing what happened to the interior of the home."

Ryerson in recent years tried to sell the home, in 2012 listing it for $10.5 million, or $12.5 million including the art and furnishings. In the past two years, he twice refused offers from Martin as being too low.

Martin hired Jerry Flowers to survey what had been removed. Flowers listed 42 wall sconce lights, 192 recessed can lights, assorted kitchen and laundry room appliances and several outdoor post and column lights.

"I saw a few other homes stripped like this, but only in $150,000 homes in subdivisions. I've never seen it happen in the high-end lake properties," Flowers said.

He said the missing items add up to between $550,000 and $700,000.

Ryerson's attorney, John Munding, said Ryerson removed the items "because he felt they were his personal property." He said Ryerson is allowed to remove custom furniture and an extensive art collection.

The items are being stored in several northern Idaho locations until a federal bankruptcy judge makes a ruling. A hearing is planned in August.

___

Information from: The Spokesman-Review, http://www.spokesman.com

Fact Check

Fact Check

Have you found an error, or know of something we’ve missed in one of our stories?
Please use the form below and let us know.

* Required
  • Please post the headline of the story or the title of the video with the error.

  • Please post exactly what was wrong with the story.

  • Please indicate your source for the correct information.

  • Yes

    No

  • This will only be used to contact you if we have a question about your submission, it will not be used to identify you or be published.

  • Cancel

Having problems with the form?

Contact Us Directly
  • Print

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

Have Your Say

New to commenting? Check out our Frequently Asked Questions.

Have Your Say

Comments are open to Winnipeg Free Press print or e-edition subscribers only. why?

Have Your Say

Comments are open to Winnipeg Free Press Subscribers only. why?

The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.

letters

Make text: Larger | Smaller

LATEST VIDEO

Key of Bart - The Floodway Connection

View more like this

Photo Store Gallery

  • Young goslings are growing up quickly near Cresent Lake in Portage La Prairie, Manitoba- See Bryksa 30 Day goose project- Day 11- May 15, 2012   (JOE BRYKSA / WINNIPEG FREE PRESS)
  • Water lilys are reflected in the pond at the Leo Mol Sculpture Garden Tuesday afternoon. Standup photo. Sept 11,  2012 (Ruth Bonneville/Winnipeg Free Press)

View More Gallery Photos

Poll

Should political leaders be highly visible on the frontlines of flood fights and other natural disasters?

View Results

View Related Story

Ads by Google