NSW real estate: Former coal magnate Nathan Tinkler takes huge price cut on $30 million beachside mansion
Former coal magnate Nathan Tinkler has offloaded his Sapphire Beach mansion near Coffs Harbour after a huge multi-million dollar price cut.
Tinkler, who initially listed the 15-bedroom mansion with a guide of $30 million in June last year before dropping it to its most recent advertised price of $15.9 million in September, has sold the property for $16 million.
And the cashed-up buyer reportedly secured the property mortgage-free.
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The new owner of the sprawling oceanfront estate is understood to be Jamie Craven, the father of Australia’s youngest billionaire Ed Craven.
The purchase of the two-hectare property, Noorinya, marks a return to the Mid-North Coast area for the Craven family.
His 28-year-old son, Ed Craven, who co-founded the online casino Stake.com and live-streaming platform Kick, was raised in the nearby Coffs Harbour.
It was reported that Tinker found a buyer willing to fork out $25 million for the lavish home in August last year, however, it was later revealed the deal never closed.
Documents showed five caveats on the title claiming interest in the property as recently as March.
Records show the title is held in the name of Noorinya Holdings of which Mr Tinkler is the director.
Mr Tinkler purchased the property in July 2008 for $11.5 million from Microsoft pioneer Jaybe Ammons and his wife Shelley.
In June last year, the Newcastle Herald reported the administrators of a Nathan Tinkler company which once owed creditors half a billion dollars had not forced the sale of the house.
It followed reports in 2021 that a US-based accounting firm, FTI Consulting, was threatening to take possession and force the sale of the house after Noorinya Holdings allegedly defaulted on a syndicated loan agreement.
The property includes a 25-metre lap pool and there’s also a children’s playground and a second-level balcony with views over Solitary Island Marine Park.
The palatial home comprises a main residence and two standalone villas together comprising 15 bedrooms and 15 bathrooms.
It also has access to its own secluded beach.
Mr Tinkler, who once owned the Newcastle Knights, famously went from billionaire in 2011 to bankrupt several years later owing $540 million.
His bankruptcy was annulled in 2018, but he has continued to face disputed demands for payment from various creditors.
This story was originally published as Tell him he’s dreamin’ - Nathan Tinkler takes huge price cut on beachside mansion on view.com.au
