(Image not of actual car)
According to reports, Mr Tinkler's $13.3 million Merewether house was broken into on Saturday night while four people were inside asleep. The thieves stole computers, watches and a camera from the house and then made a getaway in his drop-top California.
Mr Tinkler is one of Australia's richest people, estimated to be worth $920 million. He considered buying a 50 percent share of the Ford V8 Supercar team, Dick Johnson Racing, in late 2010, but pulled out in November.
He races in the Porsche Carrera Cup championship in his self-sponsored Porsche 911, and also owns the Newcastle Knights rugby league team, Aston Resources and is the owner of Tinkler Group.
Police say investigations are currently under way to find Mr Tinkler's belongings, including the $459,650 Ferrari.
UPDATE: NSW Police has announced the Ferrari California in question has been found, burnt out in bushland in Raymond Terrace. The car was discovered at around 2:30pm today close to the Pacific Highway near the Richardson Road off ramp. The car will be taken away for further forensic investigations.
Police are asking for any witnesses who saw the Ferrari being dumped there, or any other information on the incident, to call Crime Stoppers on 1800 333 000.