By Brenna Angel
Lexington, KY – Foreclosure proceedings continue for John T. Kemper III, but his 10-thousand square foot home in Lexington has not been sold at auction as was originally planned for Monday. Kemper, who will face Democrat Adam Edelen in the November election for state auditor, 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.