Tuesday, 2 April 2013
: Embattled mining magnate Nathan Tinkler is preparing to walk away from his massive investment in the thoroughbred industry by placing his Patinack Farm empire on the market.
Overseas investors are believed to be interested in acquiring Tinkler's thoroughbred properties and bloodstock in a walk in/walk out deal valued at more than $120 million.
The Magic Millions sales company has been commissioned to sell all Patinack Farm land and bloodstock assets in their entirety.
Patinack Farm owns a 3700 acre stud farm in the NSW Hunter Valley at Sandy Hollow, a 1000 acre breeding and racing property at Canungra near the Gold Coast in Queensland, 10 stallions, 300 broodmares and a racing team of more than 120 horses.
May 1 has been named as a date when Tinkler will close down all Patinack Farm racing and breeding operations if not sold beforehand.
Tinkler's head trainer John Thompson told his stable staff at Randwick today that "it was all over" and that the stable would be closed in eight weeks time.
After the staff meeting at Randwick Thompson flew to Brisbane to inform his Queeansland-based staff at Canungra of the shut down date.
Magic Millions general manager Vin Cox said overseas interests had already indicated they are interested in securing all the Patinack Farm assets.
"Nathan wants it to be a deal similar to what happened with Darley and Woodlands," Cox said.
"We have already had interest from international racing operations looking to expand to Australia and they are asking all the right questions."
A return of at least $120 million will still leave Tinkler well short of the amount he has invested in his racing and breeding interests over the last six years. It is understood it is costing cash strapped Tinkler $600,000 a week to maintain his racing and breeding interest.
Tinkler, facing mounting debts as his mining investments come under increasing pressure, raised funds to cover racing debts from dispersal sales of more than 200 of his broodmares last year.
He also sold his pride and joy, the outstanding colt All Too Hard along with some land holdings, to rival Vinery Stud in a deal valued at more than $20 million at the start of the current season.