Billionaire mining magnate Nathan Tinkler’s $500,000 Ferrari has been found burnt-out in bushland just north of Newcastle.
Thieves broke into the multi-million dollar beachside home of the Newcastle Knights owner at Merewether between 11pm Saturday and 1am Sunday while Tinkler and his family slept.
After gaining entry through a sliding door they found the key to the 2010 black Ferrari California and drove off in the vehicle.
Police discovered the car in bushland at Raymond Terrace at 2.30pm today next to the Pacific Highway, near the Richardson Road off-ramp.
‘‘We hope there’s an arrest very soon,’’ a spokesman for Mr Tinkler said.
Officers had gone to the site following a tip off from a member of the public but were initially unable to locate the vehicle.
The car had been torched and will now undergo forensic examination.
The thieves also took watches, laptops and a camera.
There is speculation the robbery may have been carried out by youths, although police have not confirmed this.
There are 141 Ferrari Californias in Australia according to the importer. Approximately 60 per cent of them are red but black in the second most popular colour.
Mr Tinkler, Australia's richest man under the age of 40, and his family were unharmed. He did not wish to comment yesterday.
Mr Tinkler has plans to renovate the property which would make it Newcastle's most expensive - a $13.3 million mansion perched over Dixon Park Beach, with impressive views of Merewether Beach.
The plans provide for six bedrooms, a swimming pool in a central courtyard, a basement garage and cellar.