ONE of Australia’s richest entrepreneurs has decided life in Newcastle is no longer for him: Nathan Tinkler and his family are moving to Singapore.
The one-time electrician is swapping the world of lattes in beachside Merewether for the famous “pulled tea” of Singaporean hawker stands as he takes his deal-making nous direct to Asia.
Mr Tinkler’s move follows fanfare and controversy about his role as owner of the Newcastle Knights rugby league team and the Newcastle Jets soccer team.
His love of fast cars, the races and an at-times torrid relationship with the media has led to headlines dubbing him a “boganaire”.
The move to Singapore means Mr Tinkler will escape some unwanted local attention: his $500,000 Ferrari California was stolen from his Merewether garage and torched last year.
“His principal place of residence would now be described as Singapore,” his spokesman, Tim Allerton, said yesterday.
“He just wants to be closer
to the markets, to Asia.”
Mr Allerton said Mr Tinkler’s wife, Rebecca, and their four school-age children were also preparing to leave Newcastle.
Last month Mr Tinkler sold one Merewether house, which was bought from league legend Andrew Johns for $4.3million in 2008. In what appears to be one of Mr Tinkler’s less astute deals, the property sold for $2.8million, or a third less than its initial purchase price.
His planned $13million development of two other blocks in Merewether has been in limbo since a development application was approved in June last year.
Mr Tinkler, 36, built his fortune with three big coal deals, resulting in the latest estimate of his wealth of $915million in BRW.
His high-stakes approach involved selling his house and his business in November 2006 to finance a deal that turned $1million into $441million.
Mr Tinkler’s new home will be a long way from his $200million horse stud, Patinack Farm, and other business interests.
Mr Allerton said Mr Tinkler would travel frequently to Australia and his business interests would remain unaffected by the move.
‘‘Nathan remains 100per cent committed to the Knights, and also his Australian operations, and continues to manage them as he has,’’ Mr Allerton said.
Personal tax rates in Singapore are among the lowest in the world with a cap of 20per cent, compared to the top tax rate of 46.5per cent in Australia. SMH