EMBATTLED coal baron Nathan Tinkler is selling his horse racing empire.
Mr Tinkler's Tinkler Group has put Patinack Farm, which comprises more than 1,000 horses and facilities in the NSW Hunter Valley and Queensland's Gold Coast, on the market.
Mr Tinkler says he is selling the vast operation, which he accumulated in a few short years after making his fortune from coal, because he now spends a lot of time overseas and doesn't have time to manage the business.
Once Australia's youngest billionaire, Mr Tinkler is carrying debts reported to be as high as $700 million and has had his fortune savaged by a slump in coal prices.
Recently Mr Tinkler sold off some prize racehorses and property from Patinack to raise funds and he has also had his jet and helicopter put up for sale by receivers.
He faced two days of questioning in a NSW Supreme Court examination last month of his personal finances by liquidators of one of his companies, Mulsanne Resources.
Mr Tinkler told the court Patinack Farm was held through a $1.4 billion family trust controlled by his wife, Rebecca.
Patinack Farm will be offered for sale internationally by Magic Millions and Ernst & Young.
Magic Millions chairman Gerry Harvey, also chairman of Harvey Norman, said Mr Tinkler had built a world-class operation.
"I believe we will generate great interest from potential local and overseas buyers, seeking to either establish or build up their existing operations," he said.
Ernst & Young partner Tim Bennett said the "divestment program" was expected to take several months.
"Since its establishment in 2007, Patinack Farm has become a leading racing and breeding operation," Mr Tinkler said in as statement.
"As I am spending more time overseas, I do not have the time to manage the business."
Patinack Farm comprises a 3,300 acre racing and breeding operation in the Hunter Valley, another 2,410 acres of land in the Hunter Valley and 1,000 acres near the Queensland Gold Coast.
The sale will include lifetime breeding rights to star colts All Too Hard and Onemorenomore, which were sold to a consortium headed by Mr Harvey in 2012.
Liquidators were appointed to Patinack Farm Administration, the service company responsible for Patinack employees, in 2012 and the wind-up of that company, which does not own any Patinack Farm assets, will continue.
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