A sale of Nathan Tinkler’s racing and breeding empire has collapsed, with all assets back on the market.
Earlier this year the Newcastle Jets owner announced a middle eastern investment firm had bought his Patinack Farm racing and breeding empire.
But the ABC was told there was doubts about the deal.
The ABC understands Mr Tinkler owes retail entrepreneur Gerry Harvey tens of millions of dollars.
The retail heavyweight is believed to be calling in that debt, via the sale of two studs including one in the Hunter and more than 500 horses through Mr Harvey’s auction house Magic Millions.
Magic Millions Managing Director Vin Cox says his Mr Tinkler initiated the sale.
“Obviously he owes some money to Mr Harvey but we are being instructed by Mr Tinkler,” he said.”
Mr Cox says it will be the largest sale of its type.
“In terms of numbers certainly the biggest thoroughbred dispersal sale conducted anywhere in the world,” he said.
Mr Tinkler had been banking on the Patinack Farm sale to buy the Wilkie Creek Coal mine in Queensland.
More than 500 horses will be auctioned next month.
The coal baron is not commenting.