THE Magic Millions sales company has been commissioned to sell Patinack Farm "lock, stock, and barrel" as Nathan Tinkler walks away from his six year old racing and breeding business.
Magic Millions general manager Vin Cox said that the sales company had been in discussions with Nathan Tinkler for several weeks regarding the sale of Patinack Farm, and had already had overseas interest in securing all of Patinack Farm assets.
"Nathan wants it to be a walk in, walk out deal, similar to what happened with Darley and Woodlands," Cox said.
"The way he sees it it would be property, horses, trucks, everything down to bridles. It is a case of just finding the right people to buy it and we have already had interest from international racing operations looking to expand to Australia and they are asking all the right questions."
The reported price tag of $125million is believed to be well under what Tinkler is hoping to garner from the sale. Patinack realised approximately $3.4million in two reduction sales of breeding and racing stock late in 2012. Fairfax Media understands Tinkler was spending $600,000 a week keeping the Patinack operation running.
After months of speculation as to the future of Patinack Farm and a dispersal sale to reduce existing stock numbers, Fairfax Media can confirm that the entire racing and breeding business including stock and properties is now on the market.
Head trainer Thompson spoke to staff at the Randwick stables this morning and told them that "it was all over" and that the business was shutting down and would be closed in eight weeks time. After the staff meeting Thompson left Randwick immediately to fly to Brisbane to inform staff at the Canungra stables of the business closure. Despite this morning's Golden Slipper barrier draw, the Patinack staff meeting was the talk of Randwick this morning as staff now face an anxious wait regarding their future.
Patinack Farm owns a major 3700 acre breeding property in the Hunter Valley of Sandy Hollow in New South Wales and a 1000 acre breeding and racing property at Canungra in Queensland, as well as holding stables at Randwick. Patinack currently owns 10 stallions including Casino Prince, the sire of superstar All Too Hard, after selling All Too Hard and promising young stallion Onemorenomore in a package deal to Vinery Stud earlier this year.
"Since it's establishment in 2007, Patinack Farm has become a leading racing and breeding operation. As I am spending more time overseas, I do not have time to manage the business," Tinkler said.
"Patinack Farm represents a terrific opportunity for for a local or international owner to develop the business to be a world leader."
with Chris Roots