18/05/2011 - 11:25

Devereaux Farm auction delayed

18/05/2011 - 11:25

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Today's scheduled auction for Ric Stowe's sprawling Bullsbrook property, Devereaux Farm, has been pushed back by two weeks.

Today's scheduled auction for Ric Stowe's sprawling Bullsbrook property, Devereaux Farm, has been pushed back by two weeks.

The agents handling the sale, Garland International and Jones Lang La Salle, said receivers from PPB Advisory had deferred the auction until June 1.

Reasons for the adjournment were not disclosed.

The 2470-hectare property was expected to be snapped up for around $50 million, well below the $68 million original asking price.

The sale of the farm is the latest in a series of asset sales from the portfolio of Mr Stowe's failed empire, Griffin Group.

In early March, Indian conglomerate Lanco Infratech finalised the $750 million acquisition of Griffin Coal's coal mines near Collie.

And last month a Japanese consortium between Kansai Electric Power and Sumitomo Corporation picked up the final assets of Griffin Coal, with the purchase of the Bluewaters power stations, also near Collie.

A purchase price for the stations was not disclosed.

A prime metropolitan beachfront residence owned by Mr Stowe in Swanbourne was sold 72 hours after it was listed on the market in January last year.

 

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