Nathan Tinkler, the former Australian mining billionaire under pressure from creditors, is selling his Patinack Farm thoroughbred breeding and racing business as he seeks to repay debt.
The sale, including more than 1,000 racehorses, stallions and broodmares will be conducted through an international marketing program in conjunction with Magic Millions Sales Pty and Ernst & Young LLP, Newcastle-based Patinack said today in a statement.
Tinkler, who last year abandoned a A$5.3 billion ($5.5 billion) bid for Whitehaven Coal Ltd. (WHC), is struggling to meet creditors’ demands, with several of his companies threatened with liquidation for not paying debts and taxes. Patinack Farm also has racing and breeding facilities in the Australian east coast states of New South Wales and Queensland.
“As I am spending more time overseas I do not have the time to manage the business,” Tinkler, who moved to Singapore last year, said in the statement.
The sale is expected to take several months and it may attract local and overseas buyers, Tim Bennett, a partner at Ernst & Young said in the statement. Ernst & Young will set up a data room and help potential purchasers study the books, according to the statement.
The horses include stallions Casino Prince and Husson, racehorses Nechita and Pear Tart, as well as broodmares Sun Classique and Bel Mer, according to the statement.
The electrician-turned-entrepreneur was ranked as Australia’s youngest billionaire at the age of 35 by BRW magazine in 2011. Tinkler said last he’s living on an allowance he gets from his wife who controls a A$1.4 billion family trust.
He gave evidence last month of his financial position after being ordered to appear in a Sydney court to account for last year’s collapse of his planned investment in Brisbane-based coal explorer Blackwood Corp.
Tinkler lost ownership of his personal jet and helicopter after GE Commercial Australasia Pty pushed TGHA Aviation Pty into receivership in November. Tinkler’s Dassault Falcon 900C jet and AgustaWestland A109S helicopter were put up for sale.
Australia’s Deputy Commissioner of Taxation applied in December to liquidate eight Tinkler companies including Newcastle Jets Football Operations Pty and Newcastle Knights Pty, Tinkler’s soccer and rugby teams, to recover tax dues. Tinkler settled most of those cases.
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