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Trillium land goes to auction Friday
An auction sale of 750 acres north of Freeland, formerly known as Trillium Woods, apparently will go forward this week.
The property, called the Estates at Whidbey, is west of Highway 525 about a mile north of Mutiny Bay Road. It was being developed by Dogwood Whidbey Development, a project created by Jesse Molnick and managed by the Molnick Group, his development, investment and brokerage firm based in Arlington.
Two notices of foreclosure and trustee sale were posted at the entrance to the property in late June, and the sale was advertised again last week.
The notices said Molnick is in default on two loans, one for about $3.3 million, the other about $1.6 million, both from Shoreline Bank.
An auction of the property has been scheduled for 10:15 a.m. Friday, Oct. 9, at the Island County Courthouse in Coupeville. Everett attorney Thomas D. Adams is listed as trustee.
Molnick said in June that his business had been hit hard by the stagnate economy, and that he was trying to negotiate with the bank for more favorable terms. He could not be reached for comment on Tuesday.
Molnick had proposed “three-star green” construction of planned residential developments (PRDs) to include clustered housing on three 50-acre parcels of 10 building lots each, a 12-lot PRD on about 60 acres, and a 5-lot PRD on about 24 acres.
The parcels are contiguous, and each were to have 85 percent open space, 15 percent of which could be community common areas.