Tuesday, November 11, 2008

Barat Woods Development in Foreclosure

No surprise here, but the developer who simonized the Chapel at Barat College is in foreclosure proceedings for defaulting on a $16 Million Loan payment. The Chapel, of course was destroyed first before the developer went broke. Priorities!

"After closing in 2005, Barat College in Lake Forest was supposed to be transformed into a $125 million development featuring a variety of homes, preserved historic structures and a service attendant for residents.

Instead, the land on Lake Forest's posh east side is just another U.S. foreclosure statistic.

On Monday, there were no-trespassing signs and fencing around the property at Westleigh and Sheridan roads, where the private school opened in 1904. Harris Bank filed a foreclosure lawsuit against Robert G. Shaw and his Barat Woods LLC development team Oct. 16. Barat Woods is accused of not repaying a $16 million loan before the Dec. 31, 2007, termination date.

Attorney Jeffrey Close, who represents Harris, said the bank was forced to foreclose on the land because of court action two contractors are pursuing against Barat Woods in federal court."

Link on title to Daily Herald story.


Anonymous said...

I am not surprised this happened - it was a pitiful project from the beginning. Shaw deserves every bit of trouble he gets, but now the rest of us, myself an Alum, have lost this beautiful place.

Anonymous said...

Have you seen this story?


Makes you wonder is St. Madeleine Sophie had a hand in this.