Mining magnate Nathan Tinkler is hoping an arrest will be made soon over the theft and destruction of his $500,000 Ferrari after a break-in at his home.
The high-performance car was found burnt-out in bushland off the Pacific Highway at Raymond Terrace, north of Newcastle, at about 2.30pm (AEST) on Monday.
'We hope there's an arrest very soon,' a spokesman for Mr Tinkler told AAP.
Police have taken what's left of the burnt-out vehicle for forensic examination.
Tinkler, the owner of the Newcastle Knights rugby league team, and his family were asleep when thieves broke into their Merewether beachside mansion sometime between 11pm on Saturday and 1am on Sunday.
The burglars made off with a stash of family property including watches, laptop computers and a digital camera.
They also took the keys to the 2010 black Ferrari California, which is believed to be one of only five in Australia.
The family slept through the robbery and no one was injured.
There is speculation the robbery may have been carried out by youths, although police have not confirmed this.