SevenCubed - 1:56 am on Oct 12, 2012 (gmt 0)

...sell the site or try to get rid of the bad backlinks...

Would you actually really consider selling a site that you know is rotten to an unsuspecting person? Other than that, there's a very good chance that the culprit you bought the links from has the sites they were placed on under his control. You can probably roll off a few more bucks and ask them to remove the links.