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Recession Hits Australia's Billionaire
James inherited his fortune from his celebrity father media tycoon, Kerry Packer. The 41-year old was also claimed the richest man of the country. As revealed by the Sydney Sunday Telegraph report, the value of his assets have halved to less than 3 billion and he is forced to halt his Playboy lifestyle.
As reported by Independent, his three-level Mayfair apartment is also up for sale. Packer launched his Mangusta 165 yacht, the Z Ellerston, in July, after a two-year wait for delivery. It is said to be the world's largest model of open yacht, which is sold with a complimentary Aston Martin and features nine bedrooms.
It was also revealed that Packers has delayed the delivery of his Boeing Business Jet to 2010, in order to be able to release some capital. He was listed as the third richest Australian last year, making for the first time in 21 years on the rich list. Packer aims to create a global casino empire.
The evidence of his shrinking fortune lies on the incomplete work of the 3.7million-dollar swimming pool and pavilion in the grounds of his sprawling property, Ellerston, in the Hunter Valley, north of Sydney. The aerial pictures reveals the stalled construction work on the property. The financial condition has left Packers depressed with minimum public appearances.
The
businessman
also
went
on
to
sell
his
stakes
of
the
family's
pastoral
company,
which
operates
17
cattle
stations
in
northern
Australia,
for
about
425million
dollars.
However,
he
is
still
credited
to
own
one
of
Australia's
leading
golf
courses,
an
18-hole
course
designed
by
Greg
Norman.
This
spectacular
spread
of
property
is
situated
at
Ellerston
and
maintained
in
championship
condition
year-round.
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