Michael Bailey Deputy editor

Michael has been a business journalist for 12 years. He has extensive experience editing magazines covering funds management, commercial property and the travel industry. In 2011 he won a Citi Excellence in Financial Journalism award for a BRW cover story on economic indicators.

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What would Warren Buffett say? Tinkler’s toys up for sale

Published 01 March 2013 15:09, Updated 01 March 2013 15:38

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What would Warren Buffett say? Tinkler’s toys up for sale

Nathan Tinkler’s aviation business has listed its luxury Dassault Falcon executive jet for sale at an advertised price of $US13.95 million Photo: Grahame Hutchison

“When I get rid of the plane, you’ll know I’m broke,” Warren Buffett told The New Yorker in December, which doesn’t augur well for Nathan Tinkler as the coal magnate’s private jet and helicopter are put up for sale.

The receiver of Tinkler’s aviation company has listed his luxury Dassault Falcon executive jet for sale at an advertised price of $US13.95 million. His eight-seater Augusta A109S helicopter has been listed for $US5.95 million, and is advertised in Friday’s edition of The Australian Financial Review.

Receiver Nathan Landrey, of Taylor Hoardings, told AAP the listings were standard practice in the receivership process and did not prevent Tinkler from refinancing the aircraft mortgages.

“[Tinkler] has that option right up until we complete a sale,” Landrey told AAP. “Because they are not distressed assets there is no defined deadline [for the sale]. There is the opportunity for the existing borrower to arrange refinancing.”

Taylor Hoardings was appointed as receiver of Tinkler’s AGATHA Aviation business in November last year, as the Novacastrian’s business empire faced mounting debt pressures.

Tinkler ranked at 34 on the 2012 BRW Rich 200 list, with a fortune of $915 million.

Tinkler has suffered back luck with his toys in the past, with his $500,000 Ferrari California, one of only five in Australia at the time, stolen from his beachside Merrywether home and torched in 2011.

The remains of Nathan Tinkler’s Ferrari California were found in bushland at Raymond Terrace in 2011.Photo:: Darren Pateman

Tinkler offloaded his stable of racehorses in October 2012.

The 200 horses in the sale fetched between $1000 and $240,000, for a total haul of about $2.5 million.

In January Tinkler has raised just $780,000 by selling 10 horses in the Gold Coast Magic Millions

In February it was reported Tinkler’s sport operations, which included the ownership of the Newcastle Knights rugby league team and Newcastle Jets A-Leauge soccer side, owed the Australian Taxation Office about $1.2 million after failing to meet a deadline to pay a $2.7 million tax bill.

with AAP

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