PLAINS, Ga. -- Former President Jimmy Carter has accepted an offer of about $1.5 million from an Illinois firm for his family peanut business in Plains, the Atlanta Journal reported Thursday.
The Journal said sources close to Carter and Archer-Daniels-Midland indicated an agreement has been reached and official papers were expected to be signed in Plains late Thursday.
The newspaper said sources put the purchase figure at about $1.5 million.
Tony Leroy, who manages the warehouse for Gold Kist Inc. of Atlanta,said ADM has already contracted with a number of area farmers to buy their fall peanut harvest.
The current Gold Kist lease on the warehouse expires in August and Leroy said he will continue to manage the operation for ADM after that.
Because of outstanding warehouse debts, the Carters are not expected to profit from the sale. 'I suspect the sale will get them out of debt and that's about all,' the Journal quoted an unidentified Carter family friend as saying.
The warehouse's debt includes a $1.2 million loan the National Bank of Georgia used to construct a peanut sheller between 1975 and 1976. The loan stood between $700,000 and $800,000 a year ago when it was assigned to the Trust Company of Georgia.
The former president owns 62 percent of the business, while his mother owns 23 percent and Billy Carter owns 15 percent.
Charles Kirbo, Carter's attorney who has been handling the warehouse sale, could not be reached for comment.