Aquis boss seals Tinkler farm deal

Tony Fung, the billionaire, who plans to build the Aquis Great Barrier Reef mega-resort and six-star casino near Cairns, has finalised the purchase of Nathan Tinkler’s Patinack Farm’s four properties.

The properties are Wadham Park, Elysian Fields, Sarahvale and Benobble. It is understood the sale price was about $20 million, less than the $21.05m Mr Tinkler paid for the four properties in 2010.

The Hong Kong developer plans to use the 447ha to build a luxury resort with five-star accommodation, golf course and an equestrian facility.

The 10 Patinack Farm employees will no longer be needed, according to a spokesman for Mr Fung. “The property has been acquired not as an ongoing equine facility and it is not going to continue operating as it is now.”

The former coal billionaire’s Patinack Farm properties were passed in at auction last October in order to pay off some of Mr Tinkler’s debts including to retail magnate Gerry Harvey who is still owed about $23 million. Under the new agreement, Mr Fung will pay Mr Tinkler directly.

Mr Tinkler acquired the Elysian Fields property from ex-MFS Ltd chief executive officer Michael King when the Gold Coast based property and investment firm collapsed during the global financial crisis in 2009.

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