Cancellation of Tinkler’s contract yesterday to purchase a $38 million, five-level building in the city’s CBD followed compounding legal pressure from companies such as resource industry contractor Sedgman, property group Mirvac and Queensland explorer Blackwood Corporation.
Tinkler’s financial position is being questioned after he pulled out of a $5.3 billion privatisation of his 21.4%-owned Whitehaven Coal, which dropped 10% in value this value last month.
Collapse of the coal baron’s latest property venture was reportedly the result of a failure to settle with the property management company after multiple extensions.
According to the Herald Sun, the sale was meant to be settled in July and after Tinkler’s company had been given several extensions, Bramley Properties cancelled the deal.
Tinkler moved to an affluent area of Singapore earlier this year after selling his Newcastle beach house.
