Posted: Sep 10, 2012 12:51 PM
FRANKFORT (AP) - The one-time Frankfort home of former state Agriculture Commissioner Richie Farmer is scheduled to be sold at auction later this month to help satisfy a foreclosure lawsuit against him.
Franklin Circuit Court Master Commissioner Charlie Jones told the Lexington Herald-Leader the auction will start at 11:30 a.m. EDT Sept. 24 at the temporary county courthouse. It is the 19th of 21 properties on the auction block that day. Farmer faces a foreclosure lawsuit on a mortgage loan of $317,929.22 plus interest.
First National Bank of Manchester filed a foreclosure suit in May.
The Clay County bank said in its lawsuit that no mortgage payments have been made on the Farmer property since at least January. The foreclosure suit says the Farmers borrowed $321,561 from the bank in October 2004.In April 2010, the Farmers signed a promissory note with the bank for $307,192 at 5.75 percent interest. The loan was to be repaid in monthly payments through April 2017, followed by a balloon payment - a large, lump-sum payment scheduled at the end of a series of smaller periodic payments.
Farmer has been trying unsuccessfully to sell his Franklin County house. The house, built in 2004, is assessed at $230,000, said the Franklin County property valuation administrator's office.
The house will be sold to the highest bidder at the auction, Jones said. A private purchaser must pay 10 percent of the sales price and close the deal within 30 days.
Since leaving office in 2011, Farmer has gotten divorced, been the subject of a scathing audit accusing him of misusing state workers and resources for personal gain and has yet to find employment.
Attorney Guthrie True, who represents Farmer on the audit, has said the audit was politically motivated.
(Copyright 2012 The Associated Press. All rights reserved.)