Real Estate
Nathan Tinkler’s Beachfront Mansion Stays Unsold
It was good news for former coal billionaire Nathan Tinkler this week, when his palatial beachfront home north of Coffs Harbour was pulled from the market.
Lucky for him, a potential $25 million sale last year never went through, otherwise the landmark estate on Sapphire Beach, north of Coffs Harbour, might have been sold – and the handful of creditors named on title paid back.
As of Friday, there remained five caveats on title claiming interest in the property, but council records indicate that more than $105,000 in outstanding rates had been paid.
The 15-bedroom, 15-bathroom mansion had been drastically discounted from its initial $30 million high hopes of last June, down to its most recent advertised price of $15.9 million.
Sotheby’s James McCowan and David Medina declined to comment after the property was removed from marketing sites, and Tinkler is yet to respond to inquiries, but a local source suggested that Tinkler’s parents, Les and Zelda Tinkler, might instead move into the property, known as Noorinya.
They could be on to something. After all, Tinkler’s parents’ cattle farm home near Port Macquarie at Herons Creek, called Cedar View, is up for sale for $1.7 million to $1.9 million.
The 40-hectare property is listed with David Nolan, of Webster Nolan Real Estate, who also happens to be selling the family’s thoroughbred stud Serene Lodge at Kendall for $2.25 million to $2.5 million, a neighbouring farm called Batar Park for $1 million to $1.25 million, and a 42-hectare property called Cedar Park for $1.1 million to $1.3 million.
The family’s property empire is owned by the property investment company Serene Lodge Investments Pty Ltd, which is owned by Zelda, but of which Nathan replaced his dad as a director earlier this year.