Tuesday 09 October 2012
Administrators KordaMentha have confirmed the sale of two properties owned by John Wharton, the mayor of Richmond in north-west Queensland.
The 22,000-hectare property Red Rock sold to a Charters Towers investor for $2.6 million and the 20,000-hectare property Runnymede was bought by the Lord family of Richmond for $4.6 million.
The receivers oversaw the muster and sale of 2,000 cattle from Runnymede in May.
Red Rock was offered with 1,100 cows, 300 calves and 45 bulls.
The sale does not cover Mr Wharton's debt of $11.3 million, and he says he'll have to step down as mayor if declared bankrupt.
Mr Wharton says he's still in a position to continue representing the Richmond Shire.
"You can fight bankruptcy. I'm still the mayor of Richmond, I still represent the whole of North Queensland. My integrity is still in place."
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