Ric Stowe's Devereaux Farm listed again

Jonathan ChancellorOctober 2, 2012

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.

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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