Another Queensland mansion linked through a holding company to embattled former billionaire Nathan Tinkler is up for sale.
A spokesperson for Tinkler, Tim Allerton, declined to comment on the sale of the four-bedroom home in the Brisbane suburb of Hamilton.
Documents lodged with the corporate regulator show the directors of the company that owns the property are all associates of the coal baron.
Tinkler has faced a raft of financial issues this year including a liquidator’s hearing and legal proceedings which threatened to force the former electrician into bankruptcy.
Property records obtained by Business Insider show the house was purchased by Demolition Man Investments Pty Ltd for $2.4 million on 22 July 2008.
Information released by the Australian Securities & Investments Commission confirms the current directors of Demolition Man Investments include Tinkler’s right-hand-man Troy Palmer, and Tinkler Group corporate counsel Aimee Hyde.
Among other things, the four-bedroom, five-bathroom mansion is described in its listing as having “tasteful amount of marble throughout offering a subtle yet striking touch,” and the “perfect balance” of open-plan design and room separation.
Tinkler – who is now based in Singapore – placed a five-bathroom Pullenvale estate on the market in May. That house is understood to be in his wife Rebecca’s name.
The sale agent for that property on the outskirts of Brisbane is Benjamin Smith, the same agent shopping the Hamilton house. Smith declined to comment.
ASIC documents also show Whitehaven Coal boss Paul Flynn was also a director of Demolition Man Investments, a position which ceased on 3 April last year. Flynn was formerly chief executive officer and managing director of the Tinkler Group.
Flynn is a long-time Tinkler associate, though he has distanced himself from his former boss and failed to support an attempted rolling of the Whitehaven board at the annual general meeting in November last year.
Hyde is the former company secretary for Tinkler’s Mulsanne Resources which is now in liquidation after failing to pay $28.4 million owed to listed coal junior Blackwood Corporation for a share placement.
That is just one of many dramas surrounding Tinkler, who has agreed to pay $12 million before the end of the month to Blackwood to prevent it continuing legal action that has the potential to push him into bankruptcy.
A Blackwood Spokesman told Business Insider yesterday the company was yet to receive payment.
“We have received no money, and no indication of his assets. There has been an agreement on settlement terms, but [Blackwood] have been given no indication of where the money is coming from.”
If the payment is not made by the end of the month legal proceedings will continue, with Blackwood intending to pursue Tinkler for breaching his duties as a director and allowing his company to operate while insolvent.
Last week one of Tinkler’s financiers, the US hedge fund Farallon Capital, effectively seized the bulk of his Whitehaven stake, in a deal worth around $300 million.
As part of the deal Tinkler sold 101 million shares to Farallon at $2.96 each. Whitehaven was today trading at $2.19.
Demolition Man Investments’ other assets are unknown. Tinkler is not listed as a director.
The Australian Financial Review reported last week another Tinkler home, this time at Sapphire Beach, was also up for grabs. The newspaper claimed it was not officially listed.
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