Nathan Tinkler's Patinack Farm horse studs for sale

Nathan Tinkler’s mooted $120 million-plus sale to Middle East interests of his Patinack Farm horse racing empire has collapsed.

The retail billionaire Gerry Harvey has instead called in debts owed by Nathan Tinkler, taking control of Patinack Farm.

Mr Harvey intends to sell the horses as soon as in late September. He told Ross Greenwood on 2GB's Money News that he had a charge over the assets.

"Tinkler was the stimulus package for the horse industry who probably dropped a couple of hundred million," Harvey suggested.

The properties are in the NSW Upper Hunter Valley and south-east Queensland, along with land outside Melbourne.

It includes a 3300 acre breeding facility at Sandy Hollow in the Hunter Valley, a 1000 acre training facility and stud at Canungra on the Gold Coast, and 950 acres of undeveloped horse country at Monegeetta, Victoria.

There's 560 horses for auction.

It has been described as being "the largest unreserved, private thoroughbred dispersal sale in Australian history," Magic Millions managing director Vin Cox told the Newcastle Herald. 

"Everything will be sold." 

Estimates place the amount of debt owed to Gerry Harvey's debt at up to $40 million, the Fairfax Media paper suggests.

The Middle East company Cibola Capital was based in the UAE.