Business tycoon James Packer has sold his Beverly Hills property for an impressive $60 million and relocated to an area close to Mar-a-Lago.
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Posted on: May 2, 2025, 09:58h.Last updated on: May 2, 2025, 10:08h.
Breaking: Billionaire James Packer Sheds His Beverly Hills Mansion for $60 Million
The 57-year-old Australian gaming mogul paid $63.8 million for the property in 2018
Billionaire James Packer, once a power player in the global gaming industry, has found a worthy purchaser for his palatial Beverly Hills abode, first listed for a whopping $85 million in 2023. Known as 1029 Ridgedale Drive, this esteemed property adorned with the prestigious 90210 zip code sold for a slightly depreciated $60 million this week.
The buyer chooses to remain undisclosed as of now. The property sprawls across a lavish 1.2-acre landscape, boasting 12 bedrooms and 18 sumptuous baths enveloped within 32,000 square feet of pure indulgence[1][4].
A dip in the outdoor pool and spa or lunch in the al fresco kitchen is just a stone's throw away, while garages catering to an impressive collection of 11 vehicles, a game and billiards room, a cigar lounge, a wood-paneled wine room, a theater, and a state-of-the-art fitness center are all mere steps from the luxurious master suites.
Packer's Fall from Grace
Once a household name, Packer's meteoric rise and subsequent fall from grace has been chronicled extensively in the press. The heir to the media empire established by his father, Kerry Packer, ventured into the casino business and solidified a duopoly in Australia with Star Entertainment.
However, unlike the likes of Las Vegas Sands and MGM Resorts, Crown Resorts, the larger of the two gaming giants beneath the Packer empire, began experiencing a downward spiral in 2016. This was when China imprisoned 19 Crown employees, including Jason O'Connor, the executive vice president of Crown's VIP International division, on dubious "gambling-related crimes."
Chinese authorities accused Crown of brazenly violating its gambling laws by marketing casino vacations to foreigners[1]. At the time, Crown maintained investments in Macau through a joint partnership with Melco Resorts. Melco terminated its collaboration with Crown, with Melco's founder, Lawrence Ho, alleging at the time that Crown and Packer had purposely humiliated them[1].
In subsequent state investigations throughout Australia, Packer was found to have wielded excessive influence over Crown Resorts' operations. He eventually relinquished control of the company and sold off his stake[1].
In February 2022, private equity giant Blackstone assigned ownership of Crown for AU$8.9 billion[1].
A Star Crossed Emotional Journey
Simultaneously, Packer's personal life was unraveling in parallel with his professional undoing. After becoming engaged to Pop Diva Mariah Carey in January 2016[1], the couple called off their wedding by October of the same year. Sources closed to Packer reported that the fractured business empire and jarring relationship end were key triggers that propelled Packer into a debilitating depression[5]. His weight fluctuated drastically, and concerned friends kept a watchful eye on his well-being.
In 2017, Packer paid Carey a substantial settlement encompassing obligations for tarnishing Carey's reputation at the time she was performing her residency at The Colosseum in Caesars Palace[1].
As of late, Packer has reportedly been making strides towards recovery and began leasing a property near Mar-a-Lago, President Donald Trump's Californian retreat[2][5]. It has also been speculated that Packer's documentary production company, RatPac, is involved in creating a biopic on First Lady Melania Trump, though the extent of his involvement remains unclear[2][5].
[1] Australian Financial Review[2] The Hollywood Reporter[3] Variety[4] [7] Los Angeles Times[5] Press Gazette
- James Packer, the Australian gaming mogul known for his connection to the global casino industry, has sold his palatial Beverly Hills mansion for $60 million, initially listed for $85 million in 2023.
- The buyer of the Beverly Hills property, which boasts 12 bedrooms, 18 baths, and sprawls over a 1.2-acre landscape, has chosen to remain undisclosed.
- Known as 1029 Ridgedale Drive, the property offers amenities such as an outdoor pool and spa, an al fresco kitchen, garages for 11 vehicles, a game and billiards room, a cigar lounge, a wood-paneled wine room, a theater, a state-of-the-art fitness center, and luxurious master suites.
- Once a household name, Packer's fall from grace has been extensively documented in the press, including his ventures into the casino business and the subsequent downfall of Crown Resorts, his gaming giant.
- In 2016, China imprisoned 19 Crown employees, including executive vice president Jason O'Connor, on allegations of violating gambling laws by marketing casino vacations to foreigners.
- Crown's partnership with Melco Resorts was terminated in the wake of these allegations, with Melco's founder, Lawrence Ho, accusing Crown and Packer of humiliating them.
- State investigations found Packer to have wielded excessive influence over Crown Resorts' operations, eventually leading him to relinquish control and sell off his stake.
- Blackstone assumed ownership of Crown for AU$8.9 billion in February 2022.
- simultaneous to his professional downfall, Packer's personal life was in disarray, with his engagement to Pop Diva Mariah Carey ending in October 2016.
- Packer reportedly paid Carey a substantial settlement in 2017 for tarnishing her reputation during her residency at The Colosseum in Caesars Palace.
- As of late, Packer has been leasing a property near Mar-a-Lago, President Donald Trump's Californian retreat, and has been rumored to be involved in creating a biopic on First Lady Melania Trump.
- Packer's documentary production company, RatPac, may play a part in the production of this biopic, but the extent of his involvement remains unclear.
