Recession Hits Australia's Billionaire

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oi-Staff

By Staff

Tuesday, January 20, 2009, 15:30

The third richest man in Australia has been badly affected by the recession. Multibillionaire, James Packer has put his yacht up for sale, postpone delivery of a 60million-dollar private jet, and leave a swimming pool complex at his family property half-built.

James inherited his fortune from his celebrity father media tycoon, Kerry Packer. The 41-year old was also claimed the richest man of the country. As revealed by the Sydney Sunday Telegraph report, the value of his assets have halved to less than 3 billion and he is forced to halt his Playboy lifestyle.

As reported by Independent, his three-level Mayfair apartment is also up for sale. Packer launched his Mangusta 165 yacht, the Z Ellerston, in July, after a two-year wait for delivery. It is said to be the world's largest model of open yacht, which is sold with a complimentary Aston Martin and features nine bedrooms.

It was also revealed that Packers has delayed the delivery of his Boeing Business Jet to 2010, in order to be able to release some capital. He was listed as the third richest Australian last year, making for the first time in 21 years on the rich list. Packer aims to create a global casino empire.

The evidence of his shrinking fortune lies on the incomplete work of the 3.7million-dollar swimming pool and pavilion in the grounds of his sprawling property, Ellerston, in the Hunter Valley, north of Sydney. The aerial pictures reveals the stalled construction work on the property. The financial condition has left Packers depressed with minimum public appearances.

The businessman also went on to sell his stakes of the family's pastoral company, which operates 17 cattle stations in northern Australia, for about 425million dollars. However, he is still credited to own one of Australia's leading golf courses, an 18-hole course designed by Greg Norman. This spectacular spread of property is situated at Ellerston and maintained in championship condition year-round. AGENCIES