KIWIS AND ARABS ON THE FINAL LEG FOR PATINACK FARM
Written on the 28 October 2014 by Nick Nichols
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