Aussie mining magnate's rare Ferrari burnt out

Thieves stole a rare Aus$500,000 Ferrari California from the home of one of Australia's richest men, mining magnate Nathan Tinkler, with police Monday finding it burnt out in bushland. Billionaire Tinkler, Australia's wealthiest person under 40, was asleep at his beachfront house near Newcastle, north of Sydney, when thieves broke in late Saturday, the Newcastle Herald said. They made off with watches, laptop computers and a digital camera, as well as Tinkler's 2010 black Ferrari California, one of only a handful in Australia. "A family of four, who were asleep on the first floor of the home when the break-in occurred were not threatened or injured at any time during the incident," a police statement said. Police later confirmed the high-powered car had been found burnt out Monday afternoon at Raymond Terrace, just north of Newcastle. Tinkler is the owner and director of the Tinkler Group, whose big break came in 2006 when he borrowed Aus$500,000 (US$523,000) to buy a mine and subsequently sold it to Macarthur Coal for Aus$275 million. The 35-year-old, worth Aus$1.01 billion according to the BRW rich list, is also the owner of the Newcastle Knights rugby league club and the Newcastle Jets football club.