Ric Stowe's Devereaux Farm listed again
The fallen coal tycoon Ric Stowe has failed in his bid to keep Devereaux Farm, the 2,470-hectare farm on the outskirts of Perth.
Ric Stowe had hoped to keep the property despite his indebtedness following the Griffin Group collapse in 2010 with debts in excess of $1 billion.
In July he expressed continued hope that he would do a deal with the receivers.
A May 2011 auction for the Bullsbrook property was abandoned on the morning of the auction, after the PPB Advisory receivers concluded they were likely to recoup more money from a sale to Mr Stowe than an auction in a flat property market.
Jones Lang LaSalle and Garland International have now been appointed to sell Devereaux Farm with a November 30 tender deadline.
Industry sources told the Australian Financial Review that the current valuation of the property is close to one-third of its former $70 million price tag, although the property has been well maintained.
