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Carter peanut warehouse sold for $1.2 million

ATLANTA -- Former President Jimmy Carter's peanut warehouse in Plains, Ga., was sold Friday to an Illinois agricultural processing company for $1.2 million, Carter attorney Charles Kirbo announced.

At one time, President Reagan had a substantial stock interest in the Illinois company, Archer Daniels Midland.

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ADM has already contracted with a number of area farmers to buy their fall peanut harvest, according to the manager of the warehouse. The warehouse has been managed by Gold Kist, Inc. of Atlanta, but its lease expires in August.

Despite the sale, the Carters are not expected to profit much.

I suspect the sale will get them out of debt and that's about all,' the Atlanta 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, his mother owns 23 percent and brother Billy Carter owns 15 percent. Kirbo managed the ex-president's business in a trust arrangment until his return from Washington.

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