BEVERLY — A local contractor who insists he was just doing a favor for a friend is facing multiple counts of receiving stolen property, after police found nearly $50,000 worth of stolen tractors and other landscaping equipment on his property Wednesday evening.

Richmond Shea, 44, of 132 Cabot St., Beverly, who owns American Contracting and Roofing, pleaded not guilty to six counts of receiving stolen property worth more than $250 during his arraignment in Salem District Court yesterday.

Though Shea spent the night in custody after a clerk set bail at $50,000 following his arrest, a judge yesterday lifted the bail order and released him on his own recognizance.

The case was touched off when an investigator for the York County, Maine, Sheriff's Department contacted Beverly police Wednesday, following the arrest of a former North Shore man, Scott Labonte, according to prosecutor Colleen Cashman.

Police in Maine are charging Labonte, 45, of Waterboro, Maine, with thefts from two businesses in Sanford and Waterboro.

Labonte, while being questioned, quickly gave up the name of Shea, an old friend, telling investigators that he'd sold pieces of equipment, some of it valued at nearly $20,000, to Shea for just $1,200.

When police showed up at Shea's home, where his business is also based, he was cooperative, allowing them to search his property.

That's where they found a Cub Cadet tractor worth $18,500, two John Deere riding tractors (a third was found at a location in Wenham, where a resident had borrowed the equipment), valued at $3,800, a landscaping trailer, leaf blowers and a rototiller.

One of the pieces of equipment was labeled "Kennebec Equipment Rental," Cashman told Judge Sabita Singh.

Cashman said Shea was asked about another missing tractor. Shea was "evasive," telling Maine investigators and Beverly police that he'd sold it to "two guys in a van." When police said they were skeptical, Shea told them "he needed another day" to answer their question. Police told him that he did not have another day and arrested him.

Cashman said the investigation is ongoing. She urged the judge to keep the $50,000 bail in place.

Albert Murdock, a lawyer for Shea, said his client had no idea the items were stolen.

Labonte told Shea that his home was being foreclosed and that he needed a place to put his equipment, Murdock told the judge.

"He had no idea they were stolen," Murdock said, pointing to his client's cooperation with police.

Murdock also urged the judge to release Shea, noting that he's a lifelong Beverly resident and contractor with family in the area and no adult criminal record.

Singh agreed to release Shea, noting his lack of a record and ties to the community.

He is due back in court on Oct. 14.

The investigation is being led by Beverly police Detective Thomas Nolan and York County Sheriff's Department Sgt. Michael Hayes. Also involved were Beverly Detective David Richardson and York County Detectives Loren Conger and Steve Thistlewood.