Building at Tamarack Resort, a ski destination in Donnelly, Idaho has come to a halt in the wake of missed loan payments, bankruptcy filings by resort investors and two lawsuits filed by Credit Suisse, a lender that is seeking to foreclose on the resort.

Tamarack made headlines in part for attracting tennis stars Andre Agassi and Steffi Graf, who agreed to develop a Fairmont Hotel as part of the resort. The developers scheduled three different phases at the Fairmont Tamarack offering a total of 291 units at two locations in the resort, one at the base of the mountain and one at mid-mountain. Construction began in 2007 and was slated to wrap up by mid-2009. However, like the Tamarack Resort, construction of the Fairmont Tamarack has come to a standstill and so have sales. A spokesman for Fairmont Hotels and Resorts, which was not the developer of the project but rather the operator of the hotel and condominiums, said that the developer will contact buyers who have purchased real estate at the Fairmont in the next few weeks with additional information regarding the development. According to an article this week in the Wall Street Journal, buyers had put down deposits on some $100 million worth of condos at the Fairmont project.

Beyond the Fairmont development, the Tamarack Resort faces big challenges. Two investors are embroiled in bankruptcy proceedings. In March, Credit Suisse filed a lawsuit, seeking foreclosure on Tamarack Resort for defaulting on a loan. The lender then filed another lawsuit against Tamarack’s investors for allegedly violating a written agreement on a $250 million loan.

When Tamarack Resort opened in 2004, the build-out of the development was estimated to cost $1.5 billion. Home sites on the property were selling for more than $450,000 and by the fall of 2005, some homes were selling for as much as $2.8 million. Through last year, buyers have reportedly committed more than $500 million for condos, single-family homes and building sites, according to the Wall Street Journal. Now home sales have all but come to a halt and the base village is unfinished.