Australia’s youngest billionaire, or better known as ‘boganaire’ has officially declared bankruptcy. Just five years ago, he earned the billionaire title at 35 years of age. Nathan Tinkler started out as a mining apprentice in the Hunter Valley, NSW and as a 26 year old he set up his own business.
You can’t help but snigger that the same man that once called a reporter a “deadbeat” for earning $100,000 a year, has made a quick descent from billionaire to bankrupt. He made a fortune from the coal during the resource boom but his investment in thoroughbred racing quickly soaked up his wealth.
The declaration happened after he declined to file an appeal in his case with GE commercial, which he owes $2.8 million shortfall in the sale of his private jet. He still also owes $9 million to retailer Gerry Harvey who has caveats over Tinkler’s Port Macquarie property and two others associated with the failure of horse business Patinack Farm.
Tinkler told Fairfax Media that it was unfortunate that his attempts to create wealth and employment had let to this week’s bankruptcy ruling. Maybe he should’ve second thought the flashy cars, mansions and private jets.
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