The Patinack Farm operation of billionaire Nathan Tinkler will offer about 350 horses for unreserved sale at auction at the end of October.
The sale will be in conjunction with the Magic Millions sale of racehorses and broodmares on the Gold Coast, the MM company said.
The auctioneer said the draft was expected to comprise some 200 broodmares; 50 3yr-olds, 50 2yr-olds and 40 older racehorses.
"Patinack Farm operation is now one of the biggest in the world with a very strong broodmare band. We need to reduce our numbers and we regret losing some of our best stock," Peter Beer, the chief executive of Patinack Farm, said.
It was reported in The Sydney Morning Herald that companies operated by Tinkler, whose personal worth is estimated $A915 million ($NZ1.18 billion), had a trail of debt totalling more than $A1 million.
The Patinack Farm racing operation was described as being in deep financial crisis after failing to meet superannuation payments for workers since November. The racing operation was said to be costing $500,000 a week.
The sale follows an unsuccessful attempt to sell his racing and breeding interests to a Qatari sheikh for $200 million.
