(CNN) -- Nine years ago he was an electrician. Six months ago, he was worth some A$1.18 billion ($1.22 billion) Australia's mining boom having turned him into the country's richest person under 40 years old. Now, coal baron Nathan Tinkler, 36, is facing a mountain of debt. 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. On Tuesday, his personal holding company was liquidated. Tinkler has had the Midas touch on his way to the top of the rich list and -- until Tuesday -- on the way down, too, staving off the liquidation of several of his companies. He now faces credit debt surrounding his horse racing empire, troubled sports franchises and repossession of his personal jet.
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Billionaire Nathan Tinkler's rags-to-riches story in peril as his debt woes increase
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On Tuesday an Australian court ordered the liquidation of his personal holding company
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The 36-year-old mining magnate's racing empire and sports empire are in trouble
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Just nine years ago, Tinkler was an electrician working in the mining industry
As a result, the unlikely rich lister is in the business pages of @placeholder newspapers almost daily.