A Good Day kicks off Australian mining magnate's horse sale

GOLD COAST, Australia (Reuters) - With a cry of "cheap as old boots" from the auctioneer, the hammer came down at A$5,000 (3,237.25 pounds) on the first broodmare to open a three-day auction of 350 horses from the stables of faltering mining magnate Nathan Tinkler.

Tinkler's rise from pit electrician to Australia's youngest billionaire has hit a hurdle, with creditors circling his stable of mining, sports and racing businesses, and he is raising funds with the out-of-season sale that began on Tuesday.