Hong Kong billionaire Tony Fung has purchased all four Gold Coast equine properties formerly owned by Patinack Farm, according to the Gold Coast Bulletin. The deal, whose amount remains undisclosed, was confirmed Tuesday by a spokesman, who added Mr. Fung was “considering a number of options for future developments”. Mr. Fung, a racehorse owner in Queensland, is the chairman of real estate and casino group Aquis, which was recently behind the A$6 million purchase of the Canberra casino and also has plans to develop a resort and casino near Cairns.
The four properties were bought for A$21.05 million in 2010 by former coal magnate Nathan Tinkler, who added some significant investments to transform them into a state-of-the-art breeding and training complex. Tinkler started facing financial difficulties in the Summer of 2012 due to slowing demand and dropping coal prices. Early in 2013, it transpired that his entire equine operation, including stock and properties, was up for sale. A deal with so-called UAE-based investment firm Cibola Capitals was announced by Tinkler in May 2014, only to evaporate with the buyer's very existence being questioned. In August last year, Gerry Harvey, founder of Magic Millions and head of a retail empire, revealed that he would call in his debt upon Tinkler, which some sources have assessed at up to A$40 million. An unreserved sale of over 500 foals, yearlings, broodmares, stallions and horses in training owned by Patinack was held the following month by Magic Millions, grossing A$34 millions. The Gold Coast properties also went under the hammerin October but failed to reach their reserves, attracting final bids of a total A$11.6 million.
Gerry Harvey was unaware of the sale to Mr. Fung when contacted by the Gold Coast Bulletin.
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