Economy

Nathan Tinkler starts selling off Australian properties

Patrick Stafford /

Troubled billionaire Nathan Tinkler has begun the sale of his Australian property empire with a multimillion dollar mansion in the Brisbane suburb of Pullenvale hoping to fetch some much-needed cash.

The sale comes as Tinkler continues to face significant financial fallout. Liquidators of his company, Mulsanne Resources, are suing him and other directors, and he’s been forced to sell off other assets, including his prized horse racing empire.

The Australian Financial Review reports along with the Brisbane property, Tinkler is considering the sale of an $11.5 million mansion in Sapphire Beach and a $10 million property in Merewether.

This isn’t the first time Tinkler has sold property in the last few years. In May 2012, Tinkler sold a Merewether house. He’s also been forced to sell his Patinack Farm horse racing empire.

Now, Tinkler is putting up his Brisbane Pullenvale mansion for sale – a move which suggests his troubles aren’t over.

However, Tinkler spokesperson Tim Allerton told SmartCompany this morning that, given the former Rich Lister is now a resident of Singapore, Australian properties are “redundant to his needs”.

The home features seven bedrooms, five bathrooms and is situated on a four-hectare plot. The property features a gym, 18-seat cinema and a climate-controlled wine cellar. Property group Brisbane Real Estate has advertised the property online, although no price is specified – an auction will take place on June 15.

The property also features a “professional gym”, nine-car garage, a floodlit tennis court and a “fully appointed beauty salon”. There’s even a teppanyaki grill.

Fairfax reports the home was bought for $5.2 million back in 2007, although the property is currently being held in the name of his wife, Rebecca.

The property also features five separate living areas, a resort-style pool and spa, and “stunning water features”. The property comes with fully fenced horse paddocks and stables.

The sale comes as Tinkler and his numerous business endeavours remain under pressure.

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After having sold some of his personal assets, including a private jet, helicopter and his horse racing empire at Patinack Farm, Tinkler has been targeted by liquidators.

The liquidators of Mulsanne Resources have initiated legal action against him and other directors in the New South Wales Supreme Court, alleging the company traded while insolvent.

However, Tinkler has reportedly struck a deal with the Tax Office over several other debts. A lawyer for the deputy commissioner told the Federal Court last week there had been a “meeting of the minds”, between Tinkler and the ATO.

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Patrick Stafford

Patrick Stafford is a freelance journalist and a former deputy editor of SmartCompany.

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