Australia: Nathan Tinkler’s Private Jet, Helicopter Offered to Buyers

“When I get rid of the plane, you’ll know I’m broke,” Warren Buffett told The New Yorker in December, which doesn’t augur well for Nathan Tinkler as the coal magnate’s private jet and helicopter are put up for sale.

Nathan Tinkler's executive jet and helicopter have been put up for sale by the receiver of the coal baron's aviation company. 

Mr Tinkler's luxury Dassault Falcon 900C executive jet was placed on the market today with an advertised price of $US13.95 million ($A13.73 million), while the eight-seater Agusta A109S helicopter has been listed for $US5.95 million.

Receiver Nathan Landrey, of Taylor Woodings, said the listings were standard practice in the receivership process and did not prevent Mr Tinkler from refinancing the aircraft mortgages.

"(Mr Tinkler) has that option right up until we complete a sale," Mr Landrey said.

"Because they are not distressed assets there is no defined deadline (for the sale).

"There is the opportunity for the existing borrower to arrange refinancing."

The three-engined Dassault jet's features include leather upholstery, three separate seating areas accommodating 14 people, gold plating on fixtures and a galley espresso machine, according to a listing on the website of US aircraft sales company Avpro.

The red, black and white Augusta helicopter has red leather seats and still bears the Tinkler Group Aviation logo on its side in photographs on the website of another sales company, SMS Aircraft.

Taylor Woodings was appointed as receiver of TGHA Aviation in November, 2012, as Mr Tinkler's business empire faced mounting debt pressures.

Mr Tinkler slipped from top of the BRW Young Rich list in 2011, with an estimated wealth of $1.13 billion, to second in 2012 with wealth of $400 million.

A fall in coal prices crimped the value of Mr Tinkler's key asset, a 21 per cent stake in Whitehaven Coal, and the company recently posted a $47 million half year loss as production problems combined with weak markets to hurt earnings.

During 2012, Mr Tinkler was forced to sell of parts of his horse racing empire to raise cash and two of his companies, Mulsanne Resources and Patinack Farm Administration, were placed in liquidation.

In February 2013, two tax debt cases brought by the Australian Taxation Office against Mr Tinkler's sporting companies – the Newcastle Knights and Hunter Sports Group – were dismissed in the Federal Court after the parties reached an agreement.

If the aircraft are sold, the proceeds will be used to pay off the outstanding finance and settle any unsecured debts, with any remaining funds returned to the company. 

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