Singapore-bound Nathan Tinkler sells Merewether property to his executive Troy Palmer for a friendly – and possibly underpriced – $2.8 million
The Hunter Sports Group boss Troy Palmer is the immediate direct beneficiary of his boss Nathan Tinkler’s decision to quit Newcastle for Singapore.
Palmer has bought one of Tinkler’s redundant beachside Merewether properties (pictured below) for $2.8 million – at under the commonly believed market value.
Tinkler bought the four-bedroom, three-bathroom 2006-built Merewether house for a then bullish record-setting $4.3 million in 2008 from the rugby league legend Andrew Johns.
Palmer’s same-day exchange settlement was in wife Emma’s name last month. The 34% price drop shocked several estate agents. “It turns out Nathan Tinkler's sale was a 'friendly deal', so should be seen as out of line by valuers,” one agent has tweeted.
Prior to working at the Tinkler Group, the Newcastle-born and raised Troy Palmer was the chief financial officer of Bluetongue Brewery, another well-known Newcastle organization.
Palmer was responsible for the acquisition of the Newcastle Knights and Newcastle Jets.
Tinkler retains his other Merewether holding, a two-block 1,587-square-metre amalgamation overlooking Bar and Dixon Park beaches, which cost an $8.8 million total in 2008. Locals reports it’s been in limbo since a development application for a six-bedroom Rosie Stollery-designed compound was approved in June last year.
Title Tattle understands the modern house was vacated by the family shortly after the theft last year of his $500,000 Ferrari California, which was stolen from his garage and later torched.
Tinkler, who built his fortune with three big coal deals, has an estimated $915 million wealth according to the latest BRW. According to Forbes magazine, Tinkler is Australia’s 26th-richest person, with a net worth of around $825 million in 2012.
His major NSW family home is at Coffs Harbour.
"His principal place of residence would now be described as Singapore," his spokesman, Tim Allerton, told Fairfax Media.
"He just wants to be closer to the markets, to Asia."
Allerton said Tinkler's wife, Rebecca, and their four school-age children were also preparing to leave for Singapore.
Allerton has advised the move was to be closer to some of his key investors, the operations of his investments would remain in Australia.
Singapore is “an essential part of Asia … and he’s got some financiers and investors in Singapore - he just feels it’s more comfortable, he enjoys the city and wants to base himself there,” Allerton said.
Singapore is known for its relatively low tax and pro-business environment, with wealthy foreigners drawn by its low crime rate and high privacy without local tabloid media excesses.
The Mark at Sydney's Central Park
Much has been spoken about the global property market and that our market will ultimately follow a similar fate and I am always at pains to point out not all property is created equal.
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