May 21 (Bloomberg) -- Nathan Tinkler, the former Australian billionaire who is being sued by creditors over unpaid bills, has put his seven-bedroom Queensland mansion up for sale.
The 1,600-square-meter (17,222-square-foot) homestead sits on 10 acres (4 hectares) of land with horse paddocks and stables and will go to auction on June 15, according to the website of broker Brisbane Real Estate, which is marketing the property. The home is held in the name of Tinkler’s wife Rebecca, government title records show.
Tinkler last month put up for sale his Patinack Farm thoroughbred breeding and racing business, including 1,000 racehorses, stallions and broodmares, saying he didn’t have time to manage the operation. Tinkler, who last year abandoned a A$5.3 billion ($5.2 billion) bid for Whitehaven Coal Ltd., is struggling to meet creditors’ demands, with several of his companies threatened with liquidation.
Among those suing Tinkler and his wife is BKK Partners Pty, which advised him on his Whitehaven bid. BKK claimed Tinkler Group Pty failed to pay A$220,000 for advisory work. A preliminary hearing is scheduled for tomorrow.
Tinkler, who moved to Singapore last year, is seeking between A$4 million and A$5 million for the property in Pullenvale, about 15 kilometers (9.3 miles) west of Brisbane’s city center, the Sydney Morning Herald reported, citing online sources it didn’t identify. He paid A$5.2 million for the property in 2007, according to sales records website onthehouse.com.au.
The homestead includes a 3,500 bottle wine cellar, a private cinema, gym, beauty salon and tennis court, according to Brisbane Real Estate’s website.
Benjamin Smith, principal at Brisbane Real Estate, didn’t immediately respond to a telephone call or text message seeking comment.
Tinkler, an electrician-turned-entrepreneur, was ranked Australia’s youngest billionaire at the age of 35 by BRW magazine in 2011 after he sold his house in 2006 to help buy the Middlemount coal lease in Queensland for A$30 million. He sold the lease a year later to Macarthur Coal Ltd. for about A$465 million in cash and shares.
He testified in court in March that he owns no stocks, bonds or motor vehicles, with the only asset in his name a farm that’s valued at about A$700,000. He said then that he’s living on an allowance he gets from his wife, who controls a A$1.4 billion family trust, with holdings including about 200 million shares of Whitehaven. The trust has about A$600 million of debt, he said.
Mirvac Group sued Tinkler companies Ocean Street Holdings Pty and Buildev Group Pty for failing to complete a land purchase north of Sydney. The companies settled on Oct. 23 as a court hearing was due to begin, with Ocean Street and Buildev agreeing to pay Mirvac A$16.6 million. Tinkler also settled a A$2 million dispute with contractor Sedgman Ltd., according to the Australian Financial Review.
Tinkler lost control of one of his companies, Mulsanne Resources Pty, in November after failing to pay debt it owed for shares in coal developer Blackwood Corp.
Australia’s Deputy Commissioner of Taxation applied in December to liquidate eight Tinkler companies including Newcastle Jets Football Operations Pty and Newcastle Knights Pty, Tinkler’s soccer and rugby teams, to recover tax dues. Tinkler settled those cases.
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