Gerry Harvey has raised $34.5 million after a successful four-day liquidation sale of Nathan Tinkler's horses.

The result goes a long way towards recouping the reported $40 million the former coal billionaire owes Mr ­Harvey. The debt will be extinguished after the sale of Mr Tinkler's four ­Patinack Farm properties in Canungra, in southern Queensland.

The four Canungra properties will go on the block on October 23 with a total selling price ranging from $18 million to $23 million, according to LJ Hooker agent Cameron McPhie.

They will then be followed by ­auctions of two properties in NSW's Hunter Valley and one in Victoria.

The Hunter Valley properties have a selling range of between $17 million and $30 million in total and the Victorian property is valued at up to $3 million.

Mr Tinkler could stand to receive a total of about $90 million from the sales. Taking $40 million out for Mr Harvey leaves him approximately $50 million to play with.

Having always been a man that enjoys both the punting and breeding side of racing, Wednesday's ­withdrawal of the final five stallions might be a sign Mr Tinkler is not quite done with racing just yet.

As $90 million is a likely best case scenario for the former billionaire, doubts about Mr Tinkler's Patinack announcement earlier in the year seem to have been correct.

Earlier in the year, Mr Tinkler said he had sold Patinack Farm to overseas interests for $130 million, the proceeds of which he was going to use to pay back Mr Harvey, putting the remainder towards his resurrection deal with ­Peabody Coal and the mothballed Wilkie Creek mine in Queensland.