Nathan Tinkler's Brisbane estate slashed to half the price

A Brisbane property belonging to former coal billionaire, the now bankrupt Nathan Tinkler has been slashed to less than half of what he paid for it.

The 4.05-hectare block, located in the hillsides of one of Brisbane’s most exclusive semi-rural areas at Pullenvale, is now listed with a guide price of $795,000.

Mr Tinkler, who became Australia’s youngest billionaire at the age of 35, was declared bankrupt by the courts last year, barely a week after he turned 40.

Billionaire turned bankrupt: Nathan Tinkler’s properties sold for millions less than he paid. Photo: Nic Walker.  

Creditors have been trying to recover whatever assets they can as they attempt to settle a $553 million bankruptcy.

Known for one of the most spectacular and controversial flameouts in Australian business history, the man they call the “Boganaire” purchased 447 Grandview Road for $2 million in 2008.

He also bought the property next door, a grand seven-bedroom, 10-acre estate, at the same time for $5.2 million.

Tinkler’s seven-bedroom estate sold for $3.05 million – he paid $5.2 million.​

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Under instructions from receivers, elite agency Johnston Dixon took both properties to auction in September last year.

They sold the seven-bedroom estate for $3.05 million, more than $2 million less than Tinkler had paid for it – but could not find a buyer for the vacant land.

John Johnston told Domain the land had been marketed for $980,000 since then but hadn’t sold.

“Under receiver’s instructions, this property has just had a huge price reduction. Considering the owner paid $2 million for it, we think it’s an absolute bargain,” he said.

The vacant block of land at 447 Grandview Road, Pullenvale, is for sale with a price guide of $795,000.​ Photo: Johnston Dixon

The land is orientated north-south and has been partly cleared, offering a number of potential elevated building sites, subject to council approval, which would have beautiful mountain, valley or rural views.

“Unfortunately discretionary and lifestyle properties have been hit far worse than other properties in the economic downturn,” Mr Johnson said.

“This is the impact of the state of the economy and the resources-driven boom which ended in Queensland.”

Mr Tinkler’s bankruptcy left a long line of creditors, which include billionaire Gerry Harvey, global financial firm Credit Suisse, the Tax Office and his former wife, Rebecca Tinkler.

Mr Tinkler made his debut on the BRW Rich 200 at the age of 32 with wealth of $426 million and was immediately thrust into the national spotlight as a brash “boganaire” who spent up on flash cars, big houses and his horse racing and breeding venture.

Earlier this month a federal court ruled Mr Tinkler was allowed to travel to the US for a job interview, despite being considered a “flight risk” by the trustee of his estate.