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James Packer's 'La Mer' Sells For A Record $70 Million

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Australian billionaire James Packer has sold his Sydney home for an estimated $70 million, the highest ever price paid for an Australian residential property.

It has broken the record previously held by Point Piper property Altona by a staggering $20 million, with the property selling for $52 million in 2013.

The Wentworth Road property in Sydney's upscale Vaucluse suburb, was purchased by Mr Packer in 2009 from Manoc Developments to build his family home. According to Domain, he will only just recoup his costs on the sale, spending almost $30 million acquiring the site then a further $40 million building it.

The property has six bedrooms, a 20-car garage, home cinema and home gym.

The new owner has been revealed as Dr Chau Chak Wing, Chinese-Australian billionaire and owner of Chinese property company Kingold Group. He currently sits at number 220 on Forbes' 2014 China Rich List with an estimated wealth of US$1 billion.

The sale was negotiated by Christie's International, but was listed off-market with co-agency Sotheby's International.

Image: Gold 104.3

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Article originally posted at: https://https://theurbandeveloper.com/articles/james-packers-la-mer-sells-record-70-million