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Nathan Tinkler
The West Australian Nathan Tinkler

UPDATE 1.25pm: He once soared as Australia's youngest billionaire but debt-laden Nathan Tinkler now risks being grounded with his luxury jet and helicopter put up for sale.

Receivers are seeking nearly $14 million for the coal baron's Dassault Falcon 900C executive jet, which seats up to 14 people in leather-upholstered comfort, boasts gold-plated fixtures and an espresso machine.

Mr Tinkler's eight-seater Agusta A109S helicopter is listed at just under $6 million.

Receivers Taylor Woodings put the two aircraft up for sale today, with ads appearing on US and Australian sales websites and in the Australian Financial Review newspaper.

Mr Tinkler will be able to hold on to the aircraft if he can refinance their mortgages.

"(Mr Tinkler) has that option right up until we complete a sale,” Taylor Woodings receiver Nathan Landrey said.

"Because they are not distressed assets, there is no defined deadline (for the sale)."

The aircraft are the latest high-priced playthings to come under pressure in Mr Tinkler's empire.

In 2012 the horseracing-mad former electrician was forced to sell his star colt, All Too Hard, to a consortium that included retail mogul Gerry Harvey, as part of a deal to raise $25 million to put towards debts believed to be in the hundreds of millions.

Adding to the sting, All Too Hard is the favourite to win the Australian Guineas at Flemington racecourse on Saturday.

A little over a week ago, Mr Tinkler secured the future of his Newcastle Knights rugby league team after coming to an arrangement with the Australian Taxation Office over outstanding debts.

Taylor Woodings was appointed as receiver of TGHA Aviation in November, 2012, as Mr Tinkler's business empire faced mounting debt pressures.

Mr Tinkler slipped from top of the BRW Young Rich list in 2011, with an estimated wealth of $1.13 billion, to second in 2012 with wealth of $400 million.

A fall in coal prices crimped the value of Mr Tinkler's key asset, a 21 per cent stake in Whitehaven Coal, and the company recently posted a $47 million half year loss as production problems combined with weak markets hurt earnings.

Whitehaven shares hit a near-four-year low at $2.72 today, before closing down 12 cents on the day at $2.68.

During 2012, in addition to Mr Tinkler selling parts of his horse racing empire to raise cash, two of his companies, Mulsanne Resources and Patinack Farm Administration, were placed in liquidation.

The Dassault jet was advertised at $US13.95 million ($A13.73 million) by a US aircraft sales company, Avpro.

The Agusta helicopter was priced at $US5.95 million ($A5.86 million) on the website of another company, SMS Aircraft.

The red, black and white helicopter, fitted with red leather seats, still bears the Tinkler Group Aviation logo on its side.

If the aircraft are sold, the proceeds will be used to pay off the outstanding finance and settle any unsecured debts, with any remaining funds returned to the company.