The circa $25m sale of the incredible mega mansion of embattled former coal billionaire Nathan Tinkler fell through because the Foreign Investment Review Board rejected the buyer, sources advise.
The ex-owner of the Newcastle Knights NRL team had listed the sprawling 15-bedroom, 15-bathroom spread on a 2.04 hectare beachfront block at 42 Coachmans Close, Sapphire Beach near Coffs Harbour in June.
And it was understood to have sold in August, via the Sotheby’s sales agents James McCowan and David Medina in the “mid $20m range”, smashing regional coastal records.
However, it’s now returned to the market with the same duo and an REA listing citing an October 21 “private auction”.
The guide is $20m.
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McCowan and Medina aren’t commenting on what’s caused the deal to fall over, though other sources say it was because the buyer didn’t satisfy the FIRB’s requirements.
The board doesn’t give reasons for its decision, though this typically means that the purchaser wasn’t able to prove that they were a permanent resident in Australia.
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Or, alternatively, that they didn’t satisfy the requirements of the so-called “golden ticket” that allows foreigners to buy property in Australia — the sufficient number of investments in government bonds or appropriate business visas.
The sales agents have also been tongue-tied about the motivation for the Tinkler sale, though there are rumours that the funds from the deal will be channelled to creditors.
Along with the Knights, Tinkler had also owned the Newcastle Jets A-League team; a private jet, helicopters, a fleet of luxury cars and thoroughbred horse studs.
But it all came crashing down in around 2013, with him declared bankrupt three years later with debts of more than $540m.
Still, last time the property was on the market, the agents had a number of buyers circling, so perhaps one of those will swoop given the attractive price guide.
Tinkler set a Mid North Coast record when he purchased the Sapphire Beach home for $11.5 million in 2008 from the former Microsoft exec, Jaybe Ammons and his wife, Shelley.
They’d called on architect Rosalie Stollery to design the magnificent property, which housed the main house plus two stand-alone villas.
There were epic ocean views from almost every room and private beach access, plus two pools and a children’s playground.
The current regional coastal record is the $23m paid in May by the AfterPay co-founder Anthony Eisen at Wategos Beach, which beat Justin Hemmes recent $22m purchase at Belongil Beach.
Oceanfront homes in Sydney have gone for more, with a Tamarama property selling for $45m to advertising guru David Droga on May 10.
According to PropTrack, the median house price in Sapphire Beach is $1.3m.
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Originally published as Denied! Real estate cops reject Nathan Tinkler’s $25m buyer
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