Australia's Richest Loses $3 Billion to Recession
Formerly top of Australia's rich list, multi-billionaire James Packer is feeling the squeeze.
Once Australia's richest man, even billionaire James Packer hasn't managed to escape the wrath of the credit crunch.
After seeing the value of his assets fall from $6billion to $3billion over the past 12 months, the tycoon is having to do some cost cutting of his own.
First to go is his 50m, 9 bedroom, Mangusta 165 yacht – the Z Ellerston. Currently the largest model of Open yacht in the world, it comes equipped with an Aston Martin V12 Vanquish as standard and cost an extravagant $50million when Packer purchased it in June last year.
His three-level Mayfair apartment - bought for a reported $38million in 2006 - is also thought to be back in the hands of a high-end property agent and open to reasonable offers.
Furthermore, Packer has delayed delivery on his $60million Boeing business jet until 2010 in an attempt to free up some capital. Building work on a $3.7million swimming pool complex in his North Sydney estate also appears to have been put on hold.
Packer has seen his net worth shrink considerably over the past year after a foray into the world of gaming proved far less lucrative than expected. In an effort to resuscitate his finances, he has already been forced to part with the family’s 16-cattle-station-strong pastoral business for a reported $425million.
Despite this, he still holds a significant portfolio of ventures to his name, with investments in property, ski resorts and financial service providers to name just a few.
Son of renowned media tycoon Kerry Packer, this is the first time in 21 years that neither father nor son has sat at the top of Australia’s rich list. Currently listed in third position, this downfall proves that even the super-wealthy aren’t immune from the current economic downturn.