A Shelbys dairy farm owner says he’s on the verge of bankruptcy and says he is losing hundreds of millions of dollars.
Shelbys dairy farmer James Shelbys is the owner of the Shelbys Farm in Somerset, New Jersey, where he raises cattle and raises pigs.
The Shelbys family owns a small dairy farm in Somerset and the farm is owned by the Shelleys.
James Shelbys says he was on a tight financial leash for years but that he was able to turn around his finances after a few months with the farm.
“The farm was at a total loss for many years,” Shelbys told ABC News.
He says he took out a loan to help pay off his debt, but the farm fell into financial trouble and Shelbys had to sell the farm and sell his other businesses.
In the years since, Shelbys said he has worked to rebuild his financial health and is in the process of putting the farm on the road to profitability.
“[I am] a little concerned that I am going to go bankrupt and I am not going to have the money that I need for the things that I do need to do,” Shelsby said.
I am a little worried that I’m going to need the money to do what I need to go on and put the farm back on the track to profitability, he said.
The Shelbats say they have invested heavily in the farm since their last harvest in 2016, which brought in about $1.5 million.
They plan to have another $1 million raised from the sale of the farm in 2018.
ABC News’ Jennifer De Pinto contributed to this report.