x Abu Dhabi, UAEFriday 21 July 2017

Dh481m price tag as Australian tycoon puts thoroughbred horse racing business up for sale

Coal tycoon Nathan Tinkler is to sell off his breeding and racing empire in Australia - with international interest anticipated in his $130m thoroughbred business.

A brochure from Patinack Farm's stallion parade last summer - now the racing facility is up for sale.
A brochure from Patinack Farm's stallion parade last summer - now the racing facility is up for sale.

One of Australia's biggest tycoons has put his thoroughbred racing empire up for sale after claiming he no longer had enough time to devote to it.

Nathan Tinkler's breeding and racing business includes more than 1,000 horses on a 3,300-acre property north of Sydney, and another 1,000 acres in Queensland,

Reports from Australia predict the sale of the coal tycoon's racing business could fetch $131 million (Dh481m).

The Singapore-based 37-year-old, one of Australia's richest young entrepreneurs, said the sale of the franchise Patinack Farm would allow him to focus on his resources, port and rail, and property assets.

"As I am spending more time overseas, I do not have the time to manage the business ... (It) represents a terrific opportunity for a local or international owner to develop the business to be a world leader," Tinkler said in a statement.

Tinkler has hit hard times due to plunging commodity prices that has halved his worth to an estimated Aus$400 million, according to the rich list compiled by BRW magazine.

He revealed last month that his family trust now had debts worth AU$600 million, and was forced to sell his private jet and helicopter to pay creditors.

The sale of the farm, established in 2007, will be marketed and managed by Magic Millions horse auctioneers in conjunction with Ernst and Young, and is expected to take several months.

Gerry Harvey, Magic Millions chairman, said the world-class stud had seen "considerable success in a relatively short period of time".

"I believe we will generate great interest from potential local and overseas buyers, seeking to either establish or build up their existing operations," he said.

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