Australian casino tycoon offloads colossal Sydney mansion for $70 million

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James Packer, the colorful Australian casino tycoon, has set a national property price record with the $70 million sale of a colossal six-storey mansion.

The sprawling home was built for himself and Erica, then his wife, who reportedly claimed it was like a “shopping center”.

AAP rviled that The buyer of James Packer’s $70 million Sydney mansion has been confirmed as renowned Australian-Chinese billionaire businessman Chau Chak Wing. Dr Chau, best known for his $20 million donation to the Frank Gehry-designed crumpled paper bag building at Sydney’s University of Technology unveiled in February, the report said.

 

About four months after moving into “La Mer” in 2013 – a property which took three years to build and has a rooftop lap pool, cinema and 20-car underground garage – Mr Packer and his wife split. Neither chose to live on the sprawling 36, 000 square-feet estate, which is in the exclusive Sydney suburb of Vaucluse.

But the jet-setting pair – he is now reportedly dating Mariah Carey, she is with Seal – have now sold the property for £33 million [$AUS70 million], the highest price ever paid for an Australian property. Despite the record price, they are expected to only just break even.

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The Telegraph By Jonathan Pearlman, Sydney

 

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