Billionaire puts racing empire up for sale

One of Australia’s wealthy young entrepreneurs is putting his thoroughbred breeding and racing empire on the market, according to multiple reports.

Nathan Tinkler, 37, who built his fortune on a series of mining deals, said he no longer has time to devote to the racing business.

Patinack Farm

The sale of Patinack Farm – which includes more than 1,000 horses on a 3,300-acre property in Sydney and another 1,000 acres in Queensland – would also allow the billionaire to repay his debt, reported to be as high as $700-million.

Though the electrician-turned-entrepreneur was ranked as Australia’s youngest billionaire at the age of 35, he is allegedly struggling to meet creditors’ demands, with several of his companies threatened with liquidation.  Recently Mr. Tinkler’s executive jet and helicopter were put up for sale by receivers.

While the sale of Patinack could fetch between $100-million and $200-million, it could take several months to attract a buyer.

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