Image: Left/Scott Barbour/Right/Santiago Arana/Instagram
James Packer first listed the property in September 2023, hoping to achieve about 85 million dollars, which Domain put at roughly 132 million Australian dollars. After more than a year on the market, the estate sold for 60 million dollars (93.5 million Australian dollars). That leaves the final price 25 million dollars, or close to 29 per cent, below the amount first sought. Such a pedigree can lift public interest in a property, although in this case it did not prevent a sale well below the original asking price of 85 million dollars. He was reported to have spent 110 million dollars on the former home of supermodels Gigi and Bella Hadid, a purchase made in the same year as the sale of his earlier mansion. James Packer is the son of media mogul Kerry Packer, and he reported that he inherited the family media fortune after his father died in 2005. He once chaired Crown Resorts and sold the business to Blackstone for 6.23 billion dollars, producing a payday of 2.31 billion dollars. In 2024, he ranked number 20 on the Australian Financial Review Rich List with estimated wealth of 3.98 billion dollars, a rise of 14.8 per cent on the previous year. The Packer family transferred its historic Cairnton estate in Bellevue Hill in 2024, lodging a conservative value of 73.5 million dollars on title records.
Packer was said to have invested in upgrades during his ownership, adding further polish to an address already known for famous former residents. A sold sticker appeared on the online listing on a Monday, bringing the long wait to an end. The home reportedly has a star-studded history. Danny DeVito and Rhea Perlman owned it from the 1990s, then sold it to developers who rebuilt the residence before it passed to Packer. The property was also leased for a time by Jennifer Lopez and Ben Affleck. The listing agents were Santiago Arana of The Agency and Jade Mills of Coldwell Banker Realty. The deal for the Beverly Hills estate was secured after Packer bought another home in the city. The move shows Packer remaining active in the Los Angeles property market, even as he accepted a far lower price than he first sought for the home he sold. About a third of his wealth is now held in listed shares such as Nvidia and Meta, and he is pursuing property deals.