Reuters reports — With a cry of "cheap as old boots" from the auctioneer, the hammer came down at A$5,000 ($5,200) on the first broodmare to open a three-day auction of 350 horses from the stables of faltering mining magnate Nathan Tinkler.
Tinkler's rise from pit electrician to Australia's youngest billionaire has hit a hurdle, with creditors circling his stable of mining, sports and racing businesses, and he is raising funds with the out-of-season sale that began on Tuesday.
His 19.4 percent stake in Australia's biggest independent coal miner Whitehaven Coal, which represents the bulk of his wealth, is heavily leveraged and has shrunk considerably in line with falling coal prices. Read the full story.
