Fallen billionaire’s embarrassing losses on Qld properties
Nathan Tinkler's loss has been the gain of four savvy investors who scooped up 4hectares of his land for a ridiculous discount off receivers, before selling it last week for a small fortune.
CoreLogic records show the buyers had teamed up to snatch Nathan Tinkler's $2m block of land for just $750,000 when receivers moved in on his massive estate in 2017 - about 37.5 per cent of what he had paid.
Mr Tinkler, who was disqualified from managing companies for three-years and nine-months by ASIC in May 2017 - which expired last month - had been trying unsuccessfully to sell the Pullenvale block since February 2010.
He dropped his asking price to $1.75m in August 2011, before receivers seized the property in 2016. They then failed to sell it at auction, before dropping the price to $975,000 and then asking $795,000.
The buyers who sealed the deal for $750,000 went on to sell the property for double what they paid, with the property having an asking price of $1.5m when it went under contract. The final figure has not been revealed.
The site has a relatively humble three bedroom, one bathroom, two car space home in one corner which has been renovated. Real estate agents Kel Goesch and Benjamin Smith of Brisbane Real Estate - Indooroopilly had listed the site as "one of the last remaining 10acre parcels of land in Pullenvale".
The massive four-hectare block sits beside Mr Tinkler's Pullenvale mansion which was also sold off at a massive discount by receivers for $3.05m. It was $2.15m less than Mr Tinkler had paid ($5.2 million) almost a decade earlier.
The properties are among millions lost by Mr Tinkler as his financial woes worsened, with his biggest real estate hit coming off the 2015 sale of his Patinack Farm estate to Hong Kong billionaire Tony Fung - who renamed it Aquis Farm.
The Aquis Group chairman snapped up four parcels of land in the Gold Coast Hinterland for $15m, after the property failed to get more than $12m in offers at auction months earlier. The market value of the consolidated property at the time was estimated at $21m.
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Originally published as Fallen billionaire's embarrassing losses on Qld properties