But after strenuous attempts at provocation, he was underwhelmed by the contempt visited on him. Its left-wing rival, Overland, wondered if MONA wasn’t really “a monument to reaction”. MONA had made contingency plans for protests, picketing, bomb threats and police raids.

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Then national news bulletins reported that MONA, less than two years after it opened, might have to close. Sitting in his restaurant at Moorilla, overlooking the Derwent River, last August, David Walsh talked about his tax problems over lunch. The Australian Tax Office had ramped up an aggressive campaign against Walsh and Ranogajec. With 250 staff working on the case, they were now seeking payment from the group of, according to the AFR, an estimated $541 million in back taxes.

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In keeping with a life of serendipity and his determination to put his experience at the centre of his museum, there is no sense of an ordered progression in MONA. As with some ancient cave system, you explore it in your own way. There are no signs or wall text, and the visitor’s only guide is a modified iPod Touch, known as the O. The island became not so much a democracy as a mediocracy, in which the worst kept their power by destroying the best. Corruption scandals that were never properly investigated or punished came and went; a savage, self-deceiving complacency became the ruling creed; a culture of cronyism became the norm, and backwardness became self-perpetuating. Governments of astonishing incompetence had for many years no policy other than the blanket support of a rapacious forestry industry run on scandalous subsidies.

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The tax office nonetheless made a claim for back taxes based in complex legalities. According to Walsh, the ATO in rulings and meetings prior to 2010 led him and Ranogajec to believe their gambling wasn’t taxable. With characteristic paradox, Walsh declared himself “an oxymoronically rich commie” who supports high-taxing regimes, because “the rich should carry the burden of social services disproportionately”, but fought the tax office’s claim. “It turned out to be tough taking a job seriously that paid $99 a week when at night we were betting, on occasion, $100 of Zeljko’s money a hand,” Walsh said.

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From the ferry terminal, a flight of steps upward ends in a bathetic tennis court , facing a mirrored steel entrance that reflects in twisted form the nearby working-class suburb of Walsh’s childhood. Tasmanians are admitted to the museum free of charge and everyone else pays an entrance fee. Visitors descend by a large spiral staircase, or the cylindrical glass elevator at its centre, to cavernous deep passageways cut through Triassic sandstone, at the juncture of which there is a bar. Elsewhere in the crepuscular light there hide a library, a cinema, various performance spaces, and three levels of galleries, all discrete and different.

Chance, history, a lost island that dealt in dreams and nightmares – whatever explanation is forthcoming is futile. All that can be said is that David Walsh made something genuinely new. MONA is, then, both a return to older ideas of enchantment and a vanguard of something new. MONA’s ideas, like its owner, rarely spend the night with consistency. What, for example, is the meaning of juxtaposing an Aboriginal bark painting of a shark with a photograph of a naked man on all fours being mounted by a large dog?

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In addition to the $80 million he owes Ranogajec, he owes an undisclosed sum to his bankers. MONA costs approximately $12 million a year to run but makes only $4 million, with Walsh putting up the difference. In essence, Walsh has some minor assets, very large debts, an enormous tax bill and a loss-making avant-garde museum at the end of the world.

Of showing together a Roman bronze of Leda and the swan, a Damien Hirst canvas made of dead flies, a collection of ancient Chinese coins and a skull blinged with blue beetles? In its free-flowing associations, MONA owes as much to the Web as it does to the past, and a visitor doesn’t so much visit MONA as surf it. After Lindy-Lou and Tim left home in 1976, he and his mother moved to a flat in an inner-city public-housing complex that became so notorious as a slum that it was later demolished.

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If Australia was the lucky country, Tasmania became its unlucky island. Its people are on all social indicators the poorest in the country. The Bank Roll continues developing new mathematical models and computer systems to gamble on horseracing, basketball, football, rugby and dog racing in Europe, Asia and the US. One of the world’s largest publicly listed gambling companies, Tabcorp, is an example of the scale of Walsh and Ranogajec’s operation, with their gambling reported to account for 6 to 8% of Tabcorp’s annual turnover of $10 billion. “Mum got religion,” recalled Walsh, “and Dad got violent.” Lindy-Lou Walsh told me of her mother hiding roast dinners under her bed so that her father would not throw the food around the kitchen. One of her earliest memories is of her father forcing the bedroom door open and Lindy-Lou, a little girl, standing between her father and her mother.

For your ultimate enjoyment, we regularly update our 12 gaming machines with the latest and most popular games. In addition to our high tech gaming machines, we have flat screen TVs located throughout the venue, offering Keno and sporting results. Cheerily, Walsh pointed out that not the least irony of his life is that the only job he ever held as an adult was with the tax office. At the age of 18 and at the end of his first year at university he had, in addition to his card-counting, begun taking public service examinations, at which he excelled, for other university students.

Not without reason, Walsh regards his life as shaped not only by his own acts but also by “a series of successful but unlikely coin tosses”. For Walsh, traditional art museums were “designed to inculcate a sense of inferiority, hightech gambling to prepare you for the instilling of faith”. Beholden to nobody, he wanted to “subvert the very notion of what an art museum is” by democratising the viewing of art in a way that had “no viewpoint privileged”.

• By 2009, with MONA half built, Walsh was again short of cash and faced bills of $10 million needing immediate payment.
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• Designed like a Borgesian labyrinth, lit like a nightclub, arranged like a grand cabinet of wonders, MONA, since it opened on a remote island with a population of 500,000, has attracted more than 700,000 people.
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• Myra, a Catholic, was told by her priest that as the Church did not recognise her second marriage, she and Thomas could live together, but no longer as man and wife.
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• Set on a small peninsula, the four-storey complex is close to twice the size of New York’s Guggenheim.

Walsh’s entourage of women, architects and assorted flunkies were standing around drunk, lost, bored. Walsh had previously insulted Thomas and would do so again later that night and will probably keep on adoring him and insulting him for the rest of their lives. He happily parades his perversities, such as a fondness for group sex. For his lavish 50th birthday dinner, Kaechele had a dessert – a flesh-coloured marshmallow encasing a raspberry compote with almond jelly – made for guests using a mould struck from the vulva of one of Walsh’s former girlfriends.

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