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Developers lose property, still owe $7.2 million

Even after the bank bought the property, area development companies and a North Hudson man owe over $7.2 million in four foreclosure judgments.

St. Croix County Judge Edward Vlack found the $10 million bid by Citizens State Bank, 375 Stageline Road, Hudson, represented fair values in the foreclosure sales.

Last week, the bank docketed judgments totaling $7,240,247 against BrightKeys Real Estate LLC, BrightKeys Development Corp., BrightKeys Housing Partners LP, ConSpec Corp. and C.R. Hackworthy II.

The cases involve property in the Heritage Greens and Bieneman Farm developments in Hudson, Boulder Ridge development in River Falls and Walnut Hill development in the town of Troy.

According to the foreclosure judgments, the total amount owed in the four cases was $17,298,847. Citizens bid a total of $10,058,600, leaving deficiencies of $7,240,247.

These are the properties and values involved in each case:

  • The first: Units 25 and 26, Heritage Greens Georgetown Rowhouses, Hudson; Lots 19 and 21, Plat of Boulder Ridge Village Townhomes, River Falls; and Lots 134 and 158, Plat of Townhomes of Bieneman Farm Second Addition, Hudson. Citizens bid $679,000. The amount owed was $1,791,528.
  • The second: Lots 1, 5-12, 16, 18-23, 25-31, 33-51, 54, 55 and 57-75 and outlots 2-6 of Walnut Hill Farm, town of Troy. Citizens bid $4,095,000. Amount owed was $5,843,260.
  • The third: Two parcels in the town of Warren and a parcel in Dunn County. Citizens bid $1,180,000 for the St. Croix County property and $135,000 for the Dunn County property. The amount owed was $2,351,619.
  • The fourth: Lots 1, 7, 39 and 30, Plat of Heritage Greens; Lots 46, 48, and 50-54, Heritage Greens First Addition; outlot 1, Heritage Greens First Addition; Units 1-14, Heritage Greens Georgetown Rowhouses; 54 lots in Heritage Greens Second Addition; Lot 10, Plat of Quail Ridge II, and Lot 50, Plat of Quail Ridge, both in Pierce County. Citizens bid $3,913,600 for the Hudson property and $56,000 for the Pierce property. Total owed was $7,312,440.

  • Judy Wiff

    Judy Wiff has been regional editor for RiverTown’s Wisconsin newspapers since 1996. She holds a bachelor’s degree in journalism and sociology from UW-River Falls. She has worked as a reporter for several weekly newspapers in Wisconsin.