Thieves have stolen a rare $500,000 Ferrari from Newcastle Knights owner and mining magnate Nathan Tinkler.
Mr Tinkler and his family were asleep when thieves broke into their Merewether beachside mansion, near Newcastle, sometime between 11pm (AEST) on Saturday and 1am (AEST) on Sunday.
Police said the burglars made off with a quantity of personal property including wristwatches, laptop computers and a digital camera.
They also took the keys to Mr Tinkler's 2010 black Ferrari California, which is believed to be one of only five in Australia.
Police believe none of the family members awoke during the robbery and confirmed no one was injured during the incident.