Organisers of a mass sell-off of horses owned by mining magnate Nathan Tinkler say it is not a fire sale, reports the ABC.It says: Mr Tinkler's Hunter Valley-based Patinack Farm is offloading around 200 broodmares and 110 racehorses at the Magic Millions sales on the Gold Coast today and tomorrow.There have been reports the former billionaire's horse business was costing him $500,000 a week, adding to his alleged debt woes in the mining and building sectors.Magic Millions managing director Vin C
Organisers of a mass sell-off of horses owned by mining magnate Nathan Tinkler say it is not a fire sale, reports the ABC.
It says: Mr Tinkler's Hunter Valley-based Patinack Farm is offloading around 200 broodmares and 110 racehorses at the Magic Millions sales on the Gold Coast today and tomorrow.
There have been reports the former billionaire's horse business was costing him $500,000 a week, adding to his alleged debt woes in the mining and building sectors.
Magic Millions managing director Vin Cox says Mr Tinkler has stressed that every horse must go.
"It's not a fire sale, it's a reduction sale," he said. "Mr Tinkler's breeding enterprise has ballooned and expanded and exploded if you like in terms of numbers."
Mr Cox says there is some good horseflesh up for grabs.
"There's some very well pedigreed mares and there will be some mares that people will make a lot of money out of in terms of they may throw a very good horse or throw a good individual that will sell their resulting foals for a lot of money," he said. "It is a reduction sale and so it's not the upper echelon of Mr Tinkler's broodmares, but it is certainly a very good lot."