Tough times for electrician who became billionaire

Started by NewsCaster, Nov 01, 2012, 01:31 AM

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Nov 01, 2012, 01:31 AM
Tim Wimborne / ReutersA potential bidder views a foal at the Magic Millions sales complex on Australia's Gold Coast during an auction of Broodmares from Patinack Farm, the horse racing stud owned by mining magnate Nathan Tinkler, on October 30, 2012.Martyn Rushby / Handout via Reuters, fileNathan Tinkler's rise from obscure electrician to mining magnate, sports club owner and champion of a rejuvenated Australian industrial town could be unravelling.Reuters reports — With a cry of "cheap as old boots" from the auctioneer, the hammer came down at  A$5,000 ($5,200) on the first broodmare to open a three-day auction of 350  horses from the stables of faltering mining magnate Nathan Tinkler.

Tinkler's rise from pit electrician to  Australia's youngest billionaire has hit a hurdle, with creditors circling his  stable of mining, sports and racing businesses, and he is raising funds with the  out-of-season sale that began on Tuesday.

His 19.4 percent stake in Australia's  biggest independent coal miner Whitehaven Coal, which represents the bulk of his  wealth, is heavily leveraged and has shrunk considerably in line with falling  coal prices. Read the full story.Tim Wimborne / ReutersAn auctioneer at the Magic Millions sales complex on Australia's Gold Coast brings his hammer down during an auction of Broodmares from Patinack Farm on October 30, 2012.Follow @NBCNewsPictures

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