Nathan Tinkler's stolen $500,000 Ferrari is a wreck, found burnt out north of Newcastle today.
The rare and exotic car was stolen over the weekend, along with personal paperwork, jewellery and electronic items from his Merewether, NSW home.
The abc.net.au news service has reported that the 2010 black Ferrari California was found in bushland just off the Pacific Highway at Raymond Terrace by police about 2.30pm (AEST) today.
The car is one of only five of its kind in Australia and has been taken by police for forensic examination.
Police have appealed for anyone who saw the car being dumped and to contact them via CrimeStoppers (Ph 1300 333 000).
Tinkler, the mining magnet who is the wealthiest Australian under 40, competes in the Australian Porsche Carrera Cup.