Tinkler mansion sells again for double what receivers flipped it for

A Brisbane mansion once owned by failed billionaire Nathan Tinkler has sold for more than double what it fetched five years ago at a receiver’s auction.

This property at 421 Grandview Rd, Pullenvale, has sold prior to auction for more than $6.5 million. Image supplied by Ray White New Farm.

A Brisbane mansion formerly owned by failed billionaire Nathan Tinkler has sold for more than double what it fetched when it was put on the auction block by receivers five years ago.

An interstate buyer has snapped up the grand estate on 4ha at 421 Grandview Road, Pullenvale, for more than $6.5 million ahead of it going to auction this Saturday.

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The pool and guest quarters at the property in Pullenvale. Image supplied by Ray White New Farm.

Vendor, Sarah Moore, has pocketed a pretty penny from the sale given she bought the dream retreat at a receiver auction for just $3.05 million in 2016 — $2.15 million less than the fallen mining magnate had paid for it.

Records show the property had previously been purchased under the name of Mr Tinkler’s estranged wife Rebecca Tinkler in mid-2007 for $5.2 million.

The main residence houses an 18-seat cinema. Image supplied by Ray White New Farm.

Selling agent Hamish Bowman of Ray White New Farm, who marketed the property with Matt Lancashire, said the vendor, Sarah Moore, had renovated the home since buying it for a bargain at the receiver auction.

“We’ve got a happy seller,” Mr Bowman said.

A library room inside the mansion formerly owned by Nathan Tinkler. Image supplied by Ray White New Farm.

The property has been on the market for three weeks and was set to go under the hammer this Saturday after attracting strong interest from a mix of high net worth locals and interstate buyers.

“We were heading for that and then two of the buyers showed an inclination to buy beforehand, so we then ended up having a multiple offer situation Friday morning culminating in a sale,” Mr Bowman said.

The master bedroom in the main house is huge. Image supplied by Ray White New Farm.

“There’s been a post-Covid trend towards acreage properties. People who just want to get out of that urban environment and have clean, fresh air and are making a decision to live ‘without the neighbours’.”

Buyer’s agent Jordan Navybox of Cohen Handler, who introduced the buyer, would not reveal the identity of the buyer or the exact sale price.

The property’s features include a tennis court.

“It just goes to show how strong the acreage market is right now,” Mr Navybox said.

“It’s so hard to find that much clear land in that position, which provides you with so many uses and such great views, less than 30 minutes from the CBD.”

Built in 2001, the property consists of two homes on the site.

The property at 421 Grandview Rd, Pullenvale, has had a significant renovation. Image supplied by Ray White New Farm.

The main residence has five bedrooms and multiple bathrooms over several wings, an office, a gym, an 18-seat cinema, a cellar, a games room with a bar and a teppanyaki barbecue grill.

The second, two-bedroom house could be used as guest accommodation.

Other features include a tennis court, a pool, a sauna, a golfing green, stables and a nine-car garage.

Even the gym has a view.

In 2011, Mr Tinkler became Australia’s youngest billionaire at 35 on the back of well-timed coal acquisitions and surging commodity prices, but a downturn in coal prices and big spending on sporting clubs and racehorses led to him being declared bankrupt in 2016.

Mr Tinkler is also fighting Whitehaven Coal in court over performance shares in the miner that he believes he is owed.

Fallen coal magnate Nathan Tinkler. Photo: Hollie Adams.