Embattled mining magnate Nathan Tinkler has had another chunk sliced from his personal empire, after a key hedge fund backer seized his stake in Whitehaven Coal on Wednesday.

Tinkler was the owner of a near $650 million debt earlier this week, with an additional $40 million owed to creditors now he’s lost his claim to Whitehaven.

The Australian Financial Review has gained documents showing extensive mortgaging by Mr Tinkler on commercial and residential sites as well as luxury properties, including a $24 million mortgage on his home Newcastle. The mansion sits on a double beachfront block, it has now been on the market since mid-May.

Creditors now seem to be recouping their investment in the form of Whitehaven shares, leaving Tinkler with a negligible portion of his once-prized asset.