Michael King attends unsuccessful Nathan Tinkler Gold Coast stud auction

Nathan Tinkler’s first Patinack Farm property auction offering failed to secure a sale at LJ Hooker Gold Coast hinterland auction this week.

Final bids passed in were $4,500,000 for Wadham Park, $3,500,000 for Benobble, $1,800,000 for ­Elysian Fields, and $1,800,000 for Sarahvale, ­totalling $11.6 million through LJ Hooker agent Cameron McPhie who had expected the properties would sell for a total of between $17 million and $23 million.

Negotiations continue, as they say.

Among the 15 registered attendees was Michael King, who had previously owned the Elysian Fields property where he hosted lavish polo events prior to the MFS collapse. The local News Ltd paper says he was there on behalf of Hong Kong interests.

The Tax Office has taken the unusual step of registering two mortgages over all the stud farms following their recent deed of settlement with the coal baron.