Riverstone woes

A Coeur d'Alene title company held an auction on Wednesday for two foreclosed condominium buildings within the Riverstone development that sold back to the bank for $12.5 million.

There were no bidders for The Village at Riverstone Condominiums B and C, which First American Title Insurance Co. auctioned on behalf of Zions First National Bank in Salt Lake City, the loan provider for the Riverstone development.

The two auction items, which did not include several of the condominium units previously sold at auction, sold back to Zions for $12,529,418.

Mike Craven, spokesman for the Riverstone developer SRM Development, declined to comment.

Other Riverstone spokespeople could not be reached on Wednesday.

The Riverstone development company had sold nearly 30 condo units for discounted rates at auctions in December and January at The Village at Riverstone. The company had earlier had difficulty organizing auctions to occur due to lack of buyers.

Riverstone partner John Stone said earlier this year that he used the proceeds from the winter auctions to pay off some debt to Zions bank.