IF all else fails for coal baron Nathan Tinkler, at least there will be the pad in Maui.
One of Mr Tinkler’s private companies has bought a $US15million ($14.46million) mansion in the exclusive Makena district on the Hawaiian island.
The purchase was made by Queen St Property Holdings last November, just weeks after a major refinancing by Mr Tinkler consolidated most of his personal debts with Singapore-based Noonday, an arm of long-term backers Farallon Capital.
Local real estate agent Peter Gelsey said it was odd that such a huge premium was paid in what is still a tenuous recovery from the 2007-2009 downturn, which ‘‘decimated property values throughout the Hawaii region’’.
Land title records show the assessed value of the property is $US8.6million and loan documents show Queen St borrowed against the property in March, taking out a $US7million mortgage from New York-based Wolters Kluwer Financial Services.
Built in 2004, Mr Gelsey said the home was ‘‘basically in brand-new condition with beautiful finishes and stonework throughout the house’’.
Last week, Mr Tinkler failed in an audacious $5.3billion bid to privatise Whitehaven Coal, which merged with his unlisted Boardwalk Resources and listed Aston Resources only three months ago. There has been speculation Mr Tinkler, who is believed to have maximum liabilities of up to $638million, is under financial pressure over the falling value of his 21per cent stake in Whitehaven, whose shares have fallen about 40 per cent since the merger.
Earlier this month, it was reported Mr Tinkler had tried and failed to sell his Patinack Farm horseracing stud and faced allegations of unpaid super from employees.