James Packer Vaucluse mansion sells for $60 million

BILLIONAIRE James Packer’s property gamble appears to have paid off.

The casino mogul and ex-wife Erica Baxter have sold their Sydney mansion for at least $60 million-plus, the highest price ever paid for an Australian property, the Daily Telegraph reports.

Though the terms are confidential, some property valuers have even estimated the sale price closer to $70 to $80 million.

The stunning mansion in Vaucluse, christened La Mer, was built by the estranged couple in 2013, months before they separated, for a cost of about $41 million.

It is believed the property was snapped up by an Australian buyer with no Foreign Investment Review Board considerations.

James and Erica only lived in the mansion as a couple for about four months, the Telegraph reports. They have since divorced.

The six-bedroom mansion features generous entertaining areas, including a fully equipped gym, 20-seat cinema, and a 20-car garage.

“It’s very sad for both of them as selling the house is the final closure (for their marriage),” a friend was quoted as saying.

Ms Baxter has been living in LA with the couple’s three children, while Mr Packer, who is believed to be dating US singer Mariah Carey, has recently bought a home in Israel.

The previous property record set in Australia was $57.5 million, paid by WA mining magnate Chris Ellison in 2009 for the Mosman Park super-estate built by heiress Angela Bennett.

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