I haven't discovered every area yet, I believe that the richest smith I met so far is the guy at Picaron Isle. His starting cash is 6000, but he still can't pay me for the armor.
I have no use of it (my character is a mage), but how could I just throw it out like a rotten apple?

Is there a reasonable way how to get rid of such item? (I would be willing to sell it under price but I guess that's not possible...)