Reports caveat put on Tinkler’s QLD properties

Tuesday, May 21, 2019

Nathan Tinkler.A BATTLE is looming over the funds from four Gold Coast properties that embattled Jets owner Nathan Tinkler is selling to Hong Kong casino king Tony Fung.

The sale of the four Patinack Farm properties – Benobble, Elysian Fields, Sarahville and Wadham Park – is expected to raise almost $20million.

A spokesperson for Mr Fung said he had bid for the properties when they were put to auction late last year.

‘‘The sale was completed by negotiation,’’ the spokesman said.

Retail billionaire Gerry Harvey told The Australian newspaper on Tuesday that Mr Tinkler still owed him about $23million from a debt that had peaked at about $60million.

He told the paper the money from the sale would reduce Mr Tinkler’s debt to between $4million and $6million.

But Tinkler’s US-based financier, Jeffries Group, has reportedly put a caveat over the Queensland properties.

A source familiar with the sale said that other people owed money by Mr Tinkler were interested in getting their hands on some of the money, and a court battle was likely.

An earlier deal to sell the entire Patinack Farm business to a Dubai company never eventuated and Mr Harvey recouped millions of dollars in debt by selling hundreds of Tinkler horses through his Magic Millions auction house.

Mr Fung’s spokesman said he was aware of the battle between Mr Tinkler’s creditors but Mr Fung was confident he had ‘‘clear title’’ to the farms.

The Fungs are described as long-term Hong Kong traders and bankers with interests around the world.

Tony Fung owns various wagyu beef breeding properties and cane plantations in Queensland and his Aquis Group bought the ACT’s Casino Canberra in 2014.

Aquis is also planning a multi-billion-dollar casino and resort at Yorkeys Knob, north of Cairns.