PHOTO: 42 Coachmans Close, Sapphire Beach
Troubled former coal magnate Nathan Tinkler has successfully offloaded his remarkable $30 million expansive mansion in anticipation of a discreet private auction, achieving an unprecedented record for the coastal region.
Former owner of the Newcastle Knights NRL team, Tinkler presented the sprawling estate boasting 15 bedrooms and an equal number of bathrooms, spread across a 2.04-hectare beachfront plot at 42 Coachmans Close, Sapphire Beach. The property was initially listed at the beginning of June under the guidance of listing agents James McCowan and David Medina from Sotheby’s.
Although attempts to reach the agents were unsuccessful this afternoon, indications from alerts revealed the property’s removal from realestate.com.au, suggesting a successful sale.
Nathan Tinkler, photographed at The Argyle at The Rocks in Sydney in 2021. Photo: Britta Campion/The Australian
Speculation around the town suggests that the duo had garnered significant interest from multiple potential buyers. While the exact price remains undisclosed until settlement, rumors swirl of an outcome somewhere in the “mid $20 million range.” This potential sum not only shatters Coffs Harbour’s existing records but also eclipses the coastal records of $23 million in Byron Bay, previously set by AfterPay’s co-founder Anthony Eisen at Wategos Beach, along with the recent $22 million acquisition by Justin Hemmes at Belongil Beach.
The achievement undoubtedly cements a regional coastal record, albeit acknowledging that oceanfront properties in Sydney have fetched higher amounts. For instance, a property in Tamarama fetched $45 million from advertising maven David Droga on May 10. Tinkler’s portfolio once included ownership of the Knights and Newtown Jets A-League team, a private jet, helicopters, a fleet of luxury automobiles, and thoroughbred horse stud farms.
However, this grandeur collapsed around 2013, culminating in his bankruptcy three years later with debts exceeding $540 million. Though the sales agents have remained tight-lipped about the motives behind the sale, whispers suggest that the proceeds from the transaction might be funneled to settle creditors.
What a location!
In a past notable instance, Tinkler had set a record for the Mid North Coast when he purchased the Sapphire Beach residence for $11.5 million back in 2008 from former Microsoft executive Jaybe Ammons and his spouse, Shelley. Architect Rosalie Stollery was entrusted with the design of this splendid property, encompassing the main house and two separate villas. The dwelling boasted stunning ocean panoramas from nearly every room, private beach access, two pools, and even a children’s playground.
The promotional materials for the property had tantalizingly described, “Envision a life of unparalleled refinement and unparalleled opulence, a crown jewel nestled in a prestigious locale.”
As per PropTrack data, the median home price in Sapphire Beach presently stands at $1.3 million.