Bankrupt Nathan Tinkler living large in $13.5 million mansion

Bankrupt Nathan Tinkler’s $13.5 million seaside mansion SPECTACULAR: Nathan Tinkler smashed the mid north coast record in 2008 when he purchased Noorinya for $11.5 million from Microsoft pioneer Jaybe Ammons.
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PARADISE: The sprawling $13.5 million oceanfront compound at Sapphire Beach, north of Coffs Harbour, where bankrupt billionaire Nathan Tinkler and his partner Jodie Van Gilst live.

BROKE: Former billionaire and Newcastle Knights and Jets owner Nathan Tinkler says he relies on his partner Jodie Van Gilst for living expenses.

TweetFacebookPITY the lot of bankrupt billionaire Nathan Tinkler, living in paradise.

Whenthe counting was completed in 2016 afterhe was officially declared bankrupt, Mr Tinkler’sdebts came in atmore than $540million.

His wealth washarder to determine, but assets in his name at the end of last year did notrealise more than $1 million.

Yet just sixyears earlierhis wealth was estimated at $1.13billion by BRW magazine, making him ’s youngest billionaire.

There was theprivate jet, helicopters, a fleet of luxury cars, thoroughbredhorse studs, mansions and two sports teams -Newcastle’s Knights and Jets.

Mr Tinkler was an ultimate rags-to-riches tale,andexemplified for many, the possibility that a working-class blokecould make it big.

When it all collapsed along withcoal prices, Mr Tinklerleftbehind a businessstructure notable for its chaos -andfor its heavy reliance on debt.

It now seems that his debt woescould be working in favour as he continues to live rent-free in a sprawling $13.5 million oceanfront compound at Sapphire Beach, north of Coffs Harbour, with his partnerand two young children.

Mortgage documents for theprivate beachside compound, owned by Mr Tinkler’scompany Noorinya Holdings, reveal a $606 million mortgagein 2012 to a range of lenders including Credit Suisse as mortgage trustee.

The global financial firm is among a group of lenders reportedly still owed more than $420 million byMr Tinkler.

Bankruptcy trustee, John Melluish from Ferrier Hodgson, previously told the media he was unable to seize Mr Tinkler’sproperty portfolio and use it to repay creditors, as it was company owned.

Mr Tinkler is the sole shareholder ofNoorinyaHoldings.

When asked earlier this month about how Mr Tinkler was able to continue living at Noorinya, Ferrier Hodgson partner Robyn Duggansaid the bankruptcy trusteehadexplained the situation to creditorsand declined to commentpublicly.

Finance sector insiders have speculated that the lenders werereluctant to“call in” the debt on the property because it was “too large”.

Over the past two years MrTinkler has put several settlement offers to creditors to have his bankruptcy revoked.

The latestoffer, of $1million, wasrefused in December.

It equated to offeringless than 0.2 cents in the dollar to settle his $553.8 million debt to creditors.

Mr Tinkler could now lose thelast substantial asset in his name, a rural property at Ross Glen, near Port Macquarie, worth about $665,000.

Ms Duggan said the trustee received the title deeds for the Ross Glen property late last year and was in the process of having it valued.

“At this stage we’re moving forward to take steps to put the property on the market,” she said.

“Some funds might be used to fund further investigations as the bankruptcy trustee is without any funds at this stage.”

The fallen mining magnate smashed the mid north coast record in 2008 when he purchased Noorinyafor $11.5 million from Microsoft pioneer Jaybe Ammons and his wife Shelley whospent about$2.8 million amalgamating the site a decade earlier.

Feng shui experts were reportedly consulted and theproperty includes pagoda-style annexes, alap pool,access toa secludedbeach and 1.8 hectares of private headland.

In 2011 the local council approvedrenovations at the Coachmans Close addressvalued at $1.8 million.

Mr Tinkler previously told the Federal Court his secretary, turned partner,Jodie Van Gilst was paying his living expenses. “From time to time my fiancee provides me with cash to pay for these expenses,” he said.

In a report to creditors in December 2016, the bankruptcy trusteesaidMr Tinkler“has not made any contributions to his estate to date”.

Late last year, MrTinkler was charged with allegedly smashing a stained-glass window at his sister’s house. Police allege the 41-year-oldwent to the home of his sister Donna Dennisandher husband Lindsay, in Kendall, on the NSW mid north coast, on December 28,andsmashed the window. Mr Dennis has also applied for an apprehended domestic violence order against Mr Tinkler.

Mrs Dennis, declared bankrupt in July, signed on as a director of several companies linked to her brother when his business empire started to collapse in 2014.

In May, the n SecuritiesandInvestment Commission banned MrTinkler andMrs Dennisfrom managing companies for several years.

Newcastle Herald

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