| James Packer | |
|---|---|
| Born | James Douglas Packer 8 September 1967 Sydney, Australia |
| Residence | Bellevue Hill, Sydney |
| Nationality | Australian |
| Education | Cranbrook School, Sydney |
| Net worth | AUD$3.6 billion |
| Spouse(s) | Erica Baxter |
| Children | Indigo (d) |
| Parents | Kerry Packer Ros Packer |
| Relatives | Clyde Packer (uncle) Frank Packer (grandfather) |
James Douglas Packer (born September 8, 1967 in Sydney, Australia) is an Australian businessman.[1]
Packer is the son of the late billionaire 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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Biography
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 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. Dunlap is known in American business circles for shedding massive numbers of company workforces to improve the finances of corporations; his tenure at Sunbeam is a specific example.
One.Tel
James Packer was a director of Australian Telecommunications company One.Tel, which was declared insolvent during May 2001. The collapse of One.Tel cost PBL AU$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."
Current interests
Since his father's death, James 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 adds to PBL's gaming business. James now wishes to add 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.[citation needed] Unfortunately for Packer, his 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.
Wealth
James Packer was worth AUD$7.25 billion in 2007, however due to poor investment decisions and falling profits, a television report on Thursday 21 June 2007 revealed that Mr 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 AUD$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 the Packer Family has not topped the list.
On 18 January 2009, The Sunday Telegraph reported that due to ongoing financial problems, Packer's wealth has dropped to under $3 billion. The report also says that he has put his Mangusta yacht up for sale and has delayed the purchase of a Boeing Business Jet.[6]
Personal life
Packer is married to model and singer Erica Baxter[7], 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 Rivera.[8][9] Their first child, a girl named Indigo, was born at Mater Hospital on July 27, 2008.
Packer's past girlfriends have included Tania Bryer and Joan Severance. 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 plush suburb of Bellevue Hill, in Sydney's eastern suburbs. He lives in the same estate (known as Packer Estate) that his late grandfather, Frank Packer, did. At the centre of this estate is the "Cairnton" mansion.
Scientology
In 2002, Packer began attending the Church of Scientology in Australia, taking courses on the Church's Dundas business center. It was reported in the Australian media that Tom Cruise had urged Packer to join Scientology and begin auditing sessions. The Sydney Morning Herald said "the bond between the two men strengthened in the wake of the collapse of the telephone company One.Tel last year and his separation from wife Jodhi in June". During this time, Packer travelled extensively to the Scientology Celebrity Centre in Los Angeles.[10][11] It has been reported by the Australian Daily Telegraph that Packer was an extra in Cruise's film The Last Samurai.[12] According to The Sydney Morning Herald, Packer is no longer taking courses and has distanced himself from the Church of Scientology.[13]
Notes
- ^ Bloomberg.com: Australia & New Zealand
- ^ ASIC Free Company Name Search
- ^ CMH SHAREHOLDING IN PBL MEDIA TO DILUTE, ASX - MEDIA RELEASE, 16 DECEMBER 2008
- ^ Wealth Creator Magazine - James Packer: PBL's new CEO
- ^ Packer loses punt on UK supercasino - Business - Business - smh.com.au
- ^ James Packer's shrinking funds By Nick Leys and Charles Miranda(January 18, 2009)The Daily Telegraph
- ^ The Sydney Morning Herald: national, world, business, entertainment, sport and technology news from Australia's leading newspaper
- ^ All aboard the loveboat - World - smh.com.au
- ^ James Packer weds in intimate ceremony : thewest.com.au
- ^ James Packer and the Church of Scientology
- ^ Cult News.com: More on Australian billionaire heir's involvement with Scientology
- ^ [1] 2003» March, TomCruiseFan.com[dead link]
- ^ Hornery, Andrew (2008-05-10). "See ya, Tom: Packer quits Cruise's church". The Sydney Morning Herald. Fairfax Digital. http://www.smh.com.au/news/people/see-ya-tom-packer-quits-cruises-church/2008/05/09/1210131257772.html. Retrieved 2008-05-09.
References
- Paul Barry, Rich Kids, Bantam Books, 2002, ISBN 1-86325-338-6
External links
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