James Packer's company will own the family's stunning $105 million Sydney estate
A company controlled by James Packer has taken ownership of his family's Bellevue Hill estate.
Located in Sydney's eastern suburbs, the grand property known as 'Cairnton' is reportedly worth $105 million and covers an eye-watering 1.1 hectares.
The transfer, which could cost up to $7.28 million in stamp duty (tax), was between the Packer family's Consolidated Press Holdings and new owner Victoria Fields.
James Packer is the sole shareholder of Victoria Fields, a corporate entity that also owns the mogul's luxury apartment in Barangaroo Tower, T reports.he Sydney Morning Herald.
The property, which overlooks Sydney's famous harbour, has been in the Packer family's name since James' grandfather Sir Frank bought it in 1935 for the equivalent of $14.00.
A company controlled by James Packer has taken ownership of his family's Bellevue Hill estate in Sydney's eastern suburbs. Pictured: James Packer (center) in 2017
Sir Frank then bought nine of the surrounding properties to turn them into a 'family complex'.
His son, Kerry Packer, James' father, later acquired four houses on the adjacent property.
The main residence is a historic Federation-era home surrounded by a lush garden.
There is also a tennis court, a swimming pool and several houses. In 1999, the estate hosted the wedding of James Packer and his first wife, Jodhi Meares.
It comes after James Packer made headlines following his loss earlier this month an impressive 33 kg.
Situated overlooking Sydney Harbour, the grand property known as 'Cairnton' is reportedly worth $105 million and spans an eye-watering 1.1 hectares (pictured)
And he was ready to show off his new look when he was spotted spending time with ex-wife Jodhi Meares in Los Angeles two weeks ago.
The casino mogul and former model were spotted strolling through Beverly Hills with some friends for the second time in a few weeks.
The former couple were spotted in the area just before Christmas and are said to have spent the holidays together.
Jodhi, the founder of activewear label The Upside, has a close relationship with her ex-husband and considers him a “good friend and advisor.”
The former couple married in a lavish ceremony in Sydney in 1999. About 750 guests attended and Elton John performed at the reception.
However, they separated three years later in 2002 and divorced shortly after. Even though their marriage fell apart, they have remained friends.
A recent authorized biography, The Price of Fortune: The Untold Story of Being James Packer by Damon Kitney, highlighted James' close bond with his exes.
The family estate was the site of the wedding of James Packer and his first wife, Jodhi Meares (both pictured in Sydney in 2001)
He told the author, “Jodhi is a great source of happiness and friendship in my life.”
James added that he also still talks to his second wife, Erica Packer (née Baxter), whom he split from in 2013 after six years of marriage, “several times a day.”
“I'm so lucky to have them both in my life,” he said, referring to Jodhi and Erica.
James currently splits his time between LA and Aspen. He plans to continue living in the US to stay close to Erica and their children: Indigo, Jackson and Emmanuelle.