Gerry Harvey calls in Tinkler's debts, set to seize Patinack stables

Gerry Harvey will take control of troubled billionaire Nathan Tinkler’s Patinack Farm racehorse stables after calling in his debts.

Farm staff have been told to look for new jobs with the Harvey Norman retail magnate set to take ownership of the business in a matter of weeks, the Newcastle Herald reports.

“We were told that the time has come and that Gerry Harvey will be selling us up because he can’t hold on any longer,” a staff member told the newspaper.

“There’s no doubt we all knew it was coming for a long time, but it’s still a shock to be facing unemployment.”

The Patinack Farm and its stable of racehorses will be up for sale at Magic Millions in late September.

More than 550 horses will be catalogued for unreserved sale, including stallions Murtajill, Monaco Consul, Trusting, and Lope De Vega.

Magic Millions managing director Vin Cox confirmed to the Newcastle Herald that Tinkler ‘‘is getting out of the racing business’’.

‘‘This sale is the largest unreserved, private thoroughbred dispersal sale in Australian history,’’ he said.

In June, Harvey confirmed he was owed millions by Tinkler. Unconfirmed reports suggest the debt could be around $40 million.