TINKLER SAYS 'NO' TO $11.6 MILLION

Written on the 24 October 2014 by Nick Nichols

TINKLER SAYS 'NO' TO $11.6 MILLION

FORMER billionaire mining magnate Nathan Tinkler was left hanging on the telephone yesterday as his prime racing property Patinack Farm at Canungra failed to sell at auction.

But, according to LJ Hooker Surfers Paradise director Rick Graham, the sprawling 447ha racing and breeding complex could be wrapped up by buyers in separate deals within a week.

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

The auction proceeded despite a conditional offer being received for Patinack Farm as one lot from one keen buyer.

With a single sale failing to hit the mark, Patinack Farm was placed on the market in four parcels – only to achieve a combine bid of $11.6 million.

Market sources say Tinkler’s well-publicised financial woes had attracted bargain hunters as the big offshore players didn’t take part in the auction process.

Tinkler wasn’t present at the auction and communicated through a representative by phone.

The bidding stopped at $4.5 million for Wadham Park, $1.8 million for Elysian Fields, $3.5 million for Benobble and $1.8 million for Saravale.

It is understood that Tinkler had received higher offers for each of the parcels prior to auction, but with conditions attached.

Graham remains confident of securing contracts for all four lots by the end of next week.

“There have been discussions with several different groups following the auction, including people who bid at the auction,” says the LJ Hooker Surfers Paradise director.

“We’re expecting contracts tomorrow (Friday), but we’re also in a position to deal and negotiate with some of our offshore buyers who were not prepared to bid at the auction.

“We’re very confident that within the next seven to 10 days we’ll have contracts on all four lots.”

America’s largest thoroughbred group, Spendthrift Farms, is among the potential buyers keen to snare the property and establish a foothold in Australia. Parties from the United Arab Emirates, Hong Kong and New Zealand have also expressed interest, along with interstate buyers.

Gold Coast racing identities Hoss and Gillian Heinrich were also among the bidders at auction.

Graham says the property attracted more than 55 inquiries and had 30 inspections.

“In retrospect we probably expected a little more activity on the day, but that activity is certainly being created now,” he says.

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

The former billionaire’s Hunter Valley Patinack Farm is set for auction next week.


Author: Nick Nichols

Latest News

HUGE PROFIT SPIKE FOR HELLOWORLD HEALS MERGER WOUNDS

HELLOWORLD (ASX: HLO) gripped the share market this morning after its announcement of a whopping 880 per cent increas...

PROFIT DROP AT SERVCORP

SERVICED office company Servcorp has seen its profit fall, citing New York City, Singapore and Saudi Arabia as the pr...

ACQUISTION AND ORGANIC GROWTH BOOST NATIONAL STORAGE

NATIONAL Storage increased revenue 46 per cent to $54.4 million in the first half of FY17, driven by organic growt...

BLACKMORES: AUSTRALIA SLOWS, CHINA JUMPS

BLACKMORES suffered a 42 per cent decline in first half profit, the health food manufacturer announced today.

The ...

Related News

WHY EMPLOYEE-OWNED COMPANIES ARE BEATING ASX200 SHARE PRICES

EMPLOYEE-owned companies command a higher share price than their publicly listed peers, reaping a 17 per cent prem...

RISE OF THE MACHINES HAS WORKERS SWEATING

UP TO 3.8 million Australian workers are fearful their job may soon be terminated by a robot, a new survey has shown....

LESS TALK, MORE SMALL BUSINESS ACTION IN 2017

THE future growth and prosperity of Australian SMEs could be undermined if governments lose sight of the sector...

TEST DRIVE A POST GRAD AT BOND

THERE'S only one way to really move your career into the fast lane, says Bond University, and 'test driving...

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter