More than 200 of Nathan Tinkler’s horses will go up for sale at the Magic Millions on the Gold Coast.
The mining magnate’s fortune is thought to have fallen from just over $1-billion to around $400-million.
But a spokesman from the Magic Millions claims the large sell-off from Patinack Farm is a reduction sale, not a fire sale.
Meanwhile, Tinkler has settled his dispute with property giant Mirvac over a failed multi-million dollar industrial land deal in Newcastle.
Both parties confirmed they agreed to terms on a confidential settlement in the New South Wales Supreme Court this morning.
Mirvac’s sister company, Domaine Steel River, had sued Mr Tinkler’s Ocean Street Holdings, after it failed to pay $17-million for industrial land for a new coal terminal in Newcastle.
