If media reports about Rodney Price are true, the once powerful businessman would struggle to buy the coffee machine in his former South Tahara mansion.
The former wool industry heavyweight, who put together the Four Arrows conglomerate of six Riverina properties, filed for bankruptcy this month with $35 million in debts.
Media reports suggest the 66-year old has about $3000 in his personal bank account and no formal attachment to the family’s properties, now owned by his family in a trust which doesn’t include him.
The news has sparked rumours about the financial health of the 77,376-hectare Four Arrows group.
The properties have been listed for sale for some time and the opulent Edwardian mansion, South Tahara (pictured right), on the outskirts of Wagga, has been in the media spotlight for its $30 million price tag, though sources say the asking price for the 14-bedroom showpiece is in fact “just” $17 to $21 million.
Talk was rife this week that the real estate agent with the exclusive rights to the Four Arrows sale, Chris Meares, of Meares and Associates, Sydney, may have successfully negotiated a deal with Paspaley Pearls principal and cattle producer, Nick Paspaley, for some or all of the properties.
Industry sources speculated that the properties throughout the Riverina were being negotiated separately, and had attracted interest from several local and offshore parties.
Tenders for the Four Arrows group closed on June 10, but the process has been protracted because tenders involved different combinations of assets.
It was believed Mr Paspaley travelled to Wagga Wagga in his private jet about six months ago to inspect South Tahara, which is conveniently close to Wagga airport.
Mr Price rose to financial fame through his company Industrial Equity, and formerly chaired Fairfax Holdings and Brierley Investments.
But it all came crashing down last month when Sydney property developer and creditor, Andrew Richard-
son, threatened him with bankruptcy.
Last Tuesday Mr Price reportedly pre-empted the move and filed for bankruptcy himself.
According to The Sydney Morning Herald, Mr Price has no personal property holdings and few assets. He has just $1000 in a National Australia Bank account and $2000 with the Commonwealth Bank.
The properties in the Four Arrows group include “Binnowee”, a 1311ha dairy near Wagga Wagga, Taronga Station, a 39,375ha irrigation and mixed farming property near Hay, Belvedere Almond Farm, spanning 1104ha, and the iconic Tubbo Station, a 28,140ha irrigation and grazing property at Darlington Point.