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Auction of Candidate's Home Delayed
The Republican nominee for state auditor will get to stay in his Fayette County home for now.
Foreclosure proceedings continue for John T. Kemper III, but his 10,000-square foot home on 18 acres in Lexington has not been sold at auction as was originally planned for Monday. His home near Raven Run Nature Sanctuary was scheduled to be sold at a Master Commissioner sale to raise nearly $1.5 million owed to Citimortgage.
Kemper says he asked the company handling the foreclosure to produce some documents that were in question.
"That's what we're trying to do through that restructuring is sell off the assets we've got to repay the debt we owe. We were land rich and cash poor."
The residential builder's financial troubles started with a development deal that went bust in 2006. Kemper believes his experience has resonated with voters, and he says Kentucky's bonded indebtedness and unfunded pensions threaten to bankrupt the state.
"This country's in the same financial shape that I find myself in. We've got more debt than you can carry and revenues are down and going to continue to go down."
Adam Edelen is the Democratic nominee for state auditor. Kemper says he expects his bankruptcy will be a brought up frequently during the campaign.
4413 Ravens Crest Lane is still for sale through traditional real estate channels and may still go up for auction.