His wealth has plummeted to A $ 400 million , thanks to slowing demand and falling coal prices , while his debts to a variety of creditors mount , reportedly hitting A $ 638 million . Now Nathan Smith 's rags - to - riches are in turmoil as his financial woes increase . On Tuesday an Australian court ordered the dissolution of his personal holding company . The 36-year - old mining magnate 's racing empire and sports empire are in trouble . Just nine years ago , Nathan was an electrician working in the mining industry .
Now Nathan Smith 's rags - to - riches are in turmoil as his financial woes increase . On Tuesday an Australian court ordered the dissolution of his personal holding company . The 36-year - old mining magnate 's racing empire and sports empire are in trouble . Just nine years ago , Nathan was an electrician working in the mining industry .