A PRESTON man has been acquitted of arson after a fire destroyed a $1 million historic Allansford homestead more than three years ago.
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Robert Bucay, 52, had pleaded not guilty in a Warrnambool County Court trial to one count of arson and two counts of attempting to obtain property by deception.
During the 10-day trial Judge Mark Taft instructed the jury not to consider the attempting to obtain property by deception charges.
The jury of 10 men and two women retired to consider their arson charge verdict on Thursday morning.
Late on Thursday the jury returned a not guilty verdict.
Two alibi witnesses, who said Mr Bucay was in Melbourne late on the afternoon of Saturday, May 26, 2012, were crucial in the case.
A fire started about 6.50pm that day and destroyed the historic Hopkins Hill homestead which was built in 1854.
Owners Robert Conn, 70, pleaded guilty to arson in November last year and gave evidence against his partner Roslyn Beevers and Mr Bucay in separate trials.
After receiving a 60 per cent discount in sentencing for his cooperation, Conn was jailed for three years and 10 months with a minimum two years to serve.
Beevers was found guilty in a trial and will be sentenced on Monday, November 16.
It is understood she is in the process of receiving a multi-million-dollar inheritance and negotiating a settlement with the former owners of the Hopkins Hill farm and other interested parties.
Judge Taft has adjourned sentencing so those negotiations can be completed while Beevers is held in custody.