Bankruptcy trustees have reached a confidential agreement with former cattle baron Sam Mitchell, allowing him to retain ownership of a $9 million property in the United States and a family farm near Sydney, more than two years after his financial collapse.

Mr. Mitchell, a once-prominent figure in Australian agricultural investment, was declared bankrupt in September 2024 following the failure of his company Wealthcheck, also known as Bondi Ag. The trustee overseeing the bankruptcy, Matt Vines from Hall Chadwick, declined to provide details of the arrangement but confirmed that Mr. Mitchell would keep his expansive residence in La Jolla, a wealthy neighborhood in San Diego, along with a property at Mount McDonald outside Sydney.

Sources familiar with the proceedings indicated that supporters and friends of Mr. Mitchell have financially backed his legal battle with the trustees. It was also reported that Mr. Mitchell’s father financed the acquisition of both properties.

Though currently prohibited from managing companies in Australia or leaving the country, Mr. Mitchell has been residing in the U.S. since before his bankruptcy declaration. His bankruptcy status is expected to continue until September 20, 2027.

The Australian Financial Security Authority (AFSA), which supervises trustees and the bankruptcy system, emphasized its responsibilities to investigate debtors and take action where misconduct is suspected. An AFSA spokesperson noted that creditors with credible evidence of asset concealment or improper transfers could raise such concerns with trustees or AFSA directly. Creditors also have the right to request information pertaining to any settlement agreements made during bankruptcy proceedings.

Several creditors expressed unease over the deal permitting Mr. Mitchell to maintain ownership of key assets. The AFSA spokeswoman explained that if creditors remain dissatisfied with trustee responses, they can formally lodge allegations of misconduct.

At the height of his career, Mr. Mitchell was a significant player in the Australian agricultural property market, frequently drawing attention for high-profile acquisitions. His clients previously included investment groups such as Oaktree’s Hartree, Viridios Investments, and U.S.-based funds Folium Capital and Acre Trader, as well as the Harvard Endowment Fund.

His downfall followed an aggressive acquisition strategy under his own name, often in partnership with Sydney real estate agent Danny Thomas. Together, they acquired several large cattle stations, including Conway Station for $14.5 million and Benarra Station for $40 million. The pair also made joint purchases like a $10 million King Air aircraft to facilitate travel across their holdings.

Controversy arose in 2022 after disagreements with ADM Capital, a Hong Kong-based lender, over a mammoth $103.4 million purchase of Maryfield and Limbunya cattle stations. Mr. Mitchell was also involved in complex deals around Bellevue Station in Queensland, where plans for a carbon credit project intersected with disputes regarding cattle sales and equity interests involving Mr. Thomas.

Outside Australia, parts of Mr. Mitchell’s business empire have unraveled amid financial and operational difficulties. His Canadian winery, Oak Estate, bought in 2020 for his wife Andrea Miller, was subsequently sold and rebranded. Ms. Miller, a director in several related companies, faces allegations of insolvency trading and owes over $4 million in unpaid taxes according to liquidators.

Receivers and liquidators continue the extensive process of managing and selling off Mr. Mitchell’s remaining assets, many of which have been criticized for poor maintenance and compromise. Notably, assets linked to the Ceres Sustainable Avocados operation and Folium Capital’s almond and avocado holdings were sold at significant losses in recent years.