ROTHSCHILD, Wis. (WSAU) -- The Cedar Creek Mall is now in receivership. Stoney Rivers is the lending company that controlled the property. Foreclosure papers were filed in Marathon County court December 6th, and the court appointed attorney Rebecca Demarb as the receiver last Friday. Demarb could not be reached for comment.
Stoney Rivers attorney Brian Thill confirms that buyer Tom Timblin has defaulted on about 15 million dollars in five different loans. There is the primary land contract which still has about 10 million of the 12-point-5 million owed, and loans for $3,000,000, $1,500,000, $300,000, and $150,000.
Current Owner Tom Timblin says he's been trying to work things out with the company. "I understand the land contract is up and they have all the legal rights in the world to take the mall back. I was trying to negotiate or do a buyout, but we couldn't agree on the price so it looks like they're going to get the mall back." Timblin says he's been making payments. "We've been current on our monthly mortgage for the entire 7 years and we're current right now, paid through the end of November. All of our bills are paid. I'm troubled by Creske's attorney saying the bills aren’t being paid, they're clearly paid."
As far as filling the mall, Timblin says he's been having trouble finding major tenants. "It's difficult times, difficult situations, it's tough competing with Rib Mountain. It's tough getting the national tenants here because they want to be by Walmart and Sam's Club."
Timblin says he won't be fighting the matter. "We're not quite sure where we stand right now, but the Creskes want the mall back and we're not going to stand in the way of that."
Timblin has been in the real estate development business for 35 years in Wausau, West Bend, and Beloit Wisconsin, as well as Naples, Florida. He bought the Cedar Creek Mall from Ed Creske in 2007.