KIWIS AND ARABS ON THE FINAL LEG FOR PATINACK FARM

Written on the 28 October 2014 by Nick Nichols

KIWIS AND ARABS ON THE FINAL LEG FOR PATINACK FARM

NATHAN Tinkler’s Patinack Farm may yet land in New Zealand or Arab hands as negotiations for the prime horse racing property at Canungra continue.

Tinkler knocked back bids totalling $11.6 million on four separate lots that comprise the 447ha equine complex when it went to auction last Thursday.

The Patinack Farm lots consist of Wadham Park (33.64ha), the fully-equipped Elysian Fields training facility (56.97ha), and Saravale (73.26ha) and Benobble (283.40ha) which make up the breeding and adjustment facility.

LJ Hooker Surfers Paradise director Rick Graham was confident last week that a contract could be secured within two weeks of the auction.

He confirms that Tinkler is dealing with buyers from New Zealand and the UAE, which indicates that America’s largest thoroughbred group, Spendthrift Farms, has dropped out of the race.

“Obviously the final negotiations do take longer to finalise with off shore buyers as there are intermediaries and solicitors involved in the process,” says Graham.

“The interested UAE and New Zealand parties are both looking at the purchase of all four titles whilst the contracts to hand are all based on individual lots.

“We are under instructions by the vendor to have all negotiations completed by the 15th of November.”

The on-site auction drew about 80 people and 19 registered bidders as they vied for a piece of the fallen mining tycoon’s racing empire last week.

The auction proceeded despite a conditional offer being received for Patinack Farm as a single lot from one keen buyer who has yet to be identified.

Tinkler has emptied all livestock from the Canungra property, selling most of them through the Magic Millions sales earlier this month.

The former billionaire’s Patinack Farm in the Hunter valley is set for auction this week.


Author: Nick Nichols

Latest News

HOW INGRID BONNOR TURNED A LABOUR OF LOVE INTO A WORLDWIDE FASHION ICON

BEFORE Ingrid Bonnor started her bridal robe and feminine sleepwear company Homebodii in 2011, she didn't have an...

G8 EDUCATION EXECUTIVE CHRIS SCOTT RETIRES AS COMPANY CUTS CHINESE TIES

LONG-TIME managing director and executive of G8 Education (ASX: GEM) Chris Scott has announced his retirement, on ...

REGIONAL BANKS HIT OUT AT RATING CUT AND WARN BIG FOUR WILL BENEFIT

REGIONAL banks have hit out at a downgrade on their credit ratings, warning that it will increase their wholesale fun...

$71 MILLION SALE OF 'SYDNEY SIX' GIVES RISE TO WESTERN SYDNEY INVESTMENT HOTSPOT

SIX INDUSTRIAL assets in Sydney's West, dubbed the 'Sydney Six', have sold for a collective $71 million, ...

Related News

REGIONAL BANKS HIT OUT AT RATING CUT AND WARN BIG FOUR WILL BENEFIT

REGIONAL banks have hit out at a downgrade on their credit ratings, warning that it will increase their wholesale fun...

THE COMPANY THAT DECIDED IT WAS GOING TO GIVE A CRAP THANKS TO CROWD FUNDING

SIMON Griffiths is using toilet paper to save the world.

In 2012, on the back of an IndieGoGo crowdfunding campaig...

SURFSTITCH DOWNGRADES EARNINGS AS SHARES PLUNGE 25 PER CENT IN A DAY

TROUBLED online sports clothing retailer SurfStitch is considering selling off more of its assets and will close i...

AUSCANN RESUMES TRADE AFTER $12 MILLION CAPITAL RAISING

IT'S BEEN a big few days for medical cannabis manufacturer AusCann (ASX: AC8), as the company emerged from a trad...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter