Former Agriculture Commissioner Richie Farmer’s Frankfort home will be auctioned at the temporary courthouse later this month to settle a foreclosure lawsuit against him.
Franklin County Master Commissioner Charlie Jones says the property on Cedar Ridge Road, which the Farmer and his ex-wife, Rebecca Farmer, bought for more than $320,000 in 2004, is among 21 that will be auctioned 11:30 a.m. Monday, Sept. 24.
First National Bank of Manchester filed the foreclosure suit in May and says the Farmers owe more than $317,000 plus interest, court records show.
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.
Richie Farmer, whose divorce from Rebecca Farmer has not been finalized, was responsible for mortgage payments and had been trying to sell the property in recent months.
Jones says the home, valued at $230,000 per the county property records, will be appraised by two so-called disinterested property owners next week.
There’s no minimum bid on the property, but the Clay County bank may bid on the home in order to protect its investment, Jones said. Banks usually buy back about 90 percent of properties sold in master commissioner auctions, he added.
If someone buys the home, he or she would pay at least 10 percent up front, post a surety and close within 30 days, Jones said.
Since leaving office in January, Farmer has gotten a divorce, 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.