Roseburg Valley Mall sold to new owners, $11 million lawsuit dismissed
The $11 million lawsuit filed against the Roseburg Valley Mall, now known as Roseburg Marketplace, was dismissed last month in Lane County Circuit Court. According to the Douglas County Assessor’s office, California-based Argonaut Investments LLC purchased the property in September for $12,925,000.
The property manager said he was not authorized to comment.
U.S. Bank filed the lawsuit last October against the Alaska-based ownership group, which includes John and Nancy Emmi, Scott and Lisa Laudon, and Gerard and Susan Wasselle. The mall is located on Stewart Parkway and stretches to Garden Valley Boulevard in northwest Roseburg.
The family did not return multiple emails and phone calls requesting comment. According to court documents, the case was dismissed without prejudice based on the settlement and the stipulations set forth by the parties. The documents did not go into detail about the settlement or stipulations.
The lawsuit claimed the owners defaulted on loans of more than $11 million. The complaint alleges the Alaska-based ownership group failed to meet the terms set in the purchase and construction loans.
The lawsuit also alleges the owners violated the agreements by allowing the amount unpaid to be more than 65 percent of the market value of the mall, by allowing contractors to file construction liens against the mall property and by failing to maintain at least $100,000 each in liquid assets to cover debt payments.
A spokeswoman from U.S. Bank declined to comment, saying it is against company policy to comment on litigation.
To buy the mall in 2007, the owners had entered into a $10.3 million loan agreement with the bank, and an additional construction loan agreement for $2.5 million to pay for remodels in 2015.
Last year, John Emmi said U.S. Bank was being “ridiculous” and said he was working on a new financing plan with his attorney and the bank.
“We just think U.S. Bank is jumping the gun and being proactive,” Emmi told The News-Review in 2017.
The Roseburg Valley Mall once housed anchor department stores like Sears and Macy’s, but both department stores have since closed. Several stores with outdoor entrances, including Rue 21, Marshall’s and, until last year, Sports Authority, inhabited some of the space vacated by Sears. Sportsman’s Warehouse replaced Macy’s.