| James Packer | |
|---|---|
| Born | James Douglas Packer 8 September 1967 Sydney, Australia |
| Residence | Bondi Beach, Sydney |
| Nationality | Australian |
| Education | Cranbrook School, Sydney |
| Net worth | A$4.16 billion (2011)[1] |
| Spouse | Jodhi Meares m. 1999, dis. 2002 Erica Baxter m. 2007 |
| Children | Indigo (f., b. 2008) Jackson (m., b. 2010) |
| Parents | Kerry Packer Ros Packer (nee Weedon) |
| Relatives | Clyde Packer (uncle) Frank Packer (grandfather) |
James Douglas Packer (born 8 September 1967 in Sydney, Australia) is an Australian businessman.
Packer is the son of the late media mogul Kerry Packer and grandson of Frank Packer. He inherited the family company, Consolidated Press Holdings Limited, which controls investments in Crown Limited, Consolidated Media Holdings and other companies.[2] He is the former Executive Chairman of Publishing and Broadcasting Limited (PBL), which owned some stations of the Australian commercial television network Nine. His indirect shareholding in Nine through Consolidated Media Holdings is now 0.074 per cent.[3]
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Packer was educated at Cranbrook School in Bellevue Hill, Sydney. After obtaining the Higher School Certificate (HSC) at Cranbrook, Kerry decided it was time to toughen his son up to prepare him for the world of business. He was sent to his father's extensive Newcastle Waters cattle station in the Barkly Tableland of the Northern Territory, where he worked as a jackeroo. His father dismissed the idea of sending young James to university by saying "Why would he want to go there. To go learn to smoke marijuana?"[4]
Besides his father, his toughest mentor has been Albert J. Dunlap.
Packer was a director of Australian Telecommunications company One.Tel, which was declared insolvent during May 2001. The collapse of One.Tel cost PBL A$327 million. Packer admitted at a PBL Annual General Meeting that he had learned "painful lessons" from the collapse of One.Tel. Later at the liquidator's inquiry over the collapse he denied that he was apologising for his own personal conduct; instead he claimed, "I was making an apology for accepting the bona fides of Mr. Rich and a Mr. Heaney, and the executive directors of One.Tel."
Since his father's death, Packer has moved away from the family's traditional media businesses, and focused on creating a worldwide gambling empire. The purchase of the Burswood Entertainment Complex in Perth, Australia added to PBL's gaming business. Packer has since added further gaming assets in Macau, in partnership with Lawrence Ho. He is also teaming up with Damian Aspinall, son of John Aspinall, in creating a group of casino complexes in Great Britain called Aspers. He already has a stake in casinos in London's West End, Swansea, and Newcastle. Packer's bid for a UK "supercasino" based in Cardiff fell through when only one licence was granted to the northern city of Manchester.[5] PBL also owns 50% of the online gambling company Betfair. Packer also owns Melbourne's Crown Casino, Australia's largest casino. On 21 October 2010, it was reported in the Australian media that Packer had purchased a 17.88% stake in Network Ten.[6] In late May 2011 Packer made a reported A$80 million investment in daily deals sites Scoopon and Catch of the Day through a partnership between his Consolidated Press Holding and several other investors, including Andrew Bassat - co-founder of Seek.com.au.[7]
Packer first appeared on various wealth lists in 2006, following the death of his father the previous year and the intergeneration transfer of the bulk of Kerry Packer's wealth to his son, James. James Packer's wealth peaked at A$7.25 billion in 2007, however due to poor investment decisions and falling profits, a television report on 21 June 2007 revealed that Packer has lost in excess of $1 billion over the previous six months. As a result, the 2008 BRW Rich 200 listed Packer as the third richest person in Australia with a personal wealth of A$6.1 billion, behind Fortescue Metals Group chief executive Andrew Forrest and Westfield Group's Frank Lowy. This is the first time in 21 years that a member of the Packer family has not topped the list.[8]
On 18 January 2009, The Sunday Telegraph reported that due to ongoing financial problems, Packer's wealth dropped to under A$3 billion; also reporting that Packer listed for sale his Mangusta yacht and delayed the purchase of a Boeing Business jet.[9] Yet by mid-2010, it was reported that Packer owned a number of assets including Ellerston Z (a superyacht), Arctic P (a luxury cruise ship and former ice-breaker), a private jet, a 12-seater Sikorsky S-76 helicopter, and a variety of cars including an Aston Martin DB9 coupe.[10]
In 2011, Forbes magazine estimated that Packer's wealth had increased to US$4.40 billion.[11] Meanwhile, the Business Review Weekly estimated his wealth at A$4.16 billion a few months later.[12][1]
| Year | BRW Rich 200 |
Forbes Australia's 40 Richest |
||
|---|---|---|---|---|
| Rank | Net worth (AUD) | Rank | Net worth (USD) | |
| 2006[13] | 1 | $7.10 billion | 1 | $5.20 billion |
| 2007[14][15] | 1 | $7.25 billion | 1 | $5.50 billion |
| 2008[8][16] | 3 | $6.10 billion | 3 | $5.30 billion |
| 2009[17][18] | 6 | $3.00 billion | 1 | $3.10 billion |
| 2010[19][20] | 6 | $4.10 billion | 3 | $3.50 billion |
| 2011[12][11] | 6 | $4.16 billion | 3 | $4.40 billion |
| Legend | |
|---|---|
| Icon | Description |
| Has not changed from the previous year | |
| Has increased from the previous year | |
| Has decreased from the previous year | |
Packer's past girlfriends have included Tania Bryer Joan Severance and Deni Hines. After breaking off a two year engagement to Kate Fischer, in October 1999, he married swimsuit model Jodhi Meares with whom he separated in June 2002 and then divorced. He currently resides in the suburb of Bondi, in Sydney's eastern suburbs. Packer lives in a converted four level apartment, overlooking Sydney's Bondi Beach. His mother lives in the estate (known as Packer Estate) once occupied by his late grandfather, Sir Frank Packer. At the centre of this estate is the "Cairnton" mansion.
Packer married model and singer Erica Baxter,[21] whom he wed in the equivalent of a civil ceremony on 20 June 2007 after dating on and off for four years. The wedding was at the Antibes town hall, and the second ceremony took place at Hotel du Cap - Eden Roc in Cap d'Antibes on the French Riviera.[22][23] Together, Packer and Baxter have a daughter Indigo, born 27 July 2008 and a son Jackson Lloyd, born 1 February 2010.[24]
In 2002, following the breakdown of his marriage, and the development of a friendship with Tom Cruise, Packer began attending the Church of Scientology in Australia, taking courses on the Church's Dundas business centre.[25] He subsequently confirmed his involvement with Scientology, saying he had found it "helpful".[26] He later distanced himself from the church.[27]