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Harvey Norman Boss Gets Back Debt After Forced Auction Sale

Harvey Norman Boss Gets Back Debt After Forced Auction Sale

Harvey had seized the assets after Tinkler defaulted on a $40M
loan from the mass market retailer.


The debt will be
extinguished after the sale of Mr Tinkler’s four Patinack Farm properties in Canungra,
in southern Queensland which are expected to sell for between $18 million to
$23 million.


Two additional properties in NSW’s Hunter Valley and one in
Victoria will also be sold.

The Hunter Valley properties have a selling range of between
$17 million and $30 million in total and the Victorian property is valued at up
to $3 million.

Mr Tinkler could stand to receive a total of about $90
million from the sales. Taking $40 million out for Mr Harvey leaves him approximately $50 million to play with.