James Packer

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For the Anglican theologian, see J. I. Packer.
James Packer
Born James Douglas Packer
(1967-09-08) 8 September 1967 (age 45)
Sydney, Australia
Residence Bondi Beach, Sydney
Nationality Australian
Education Cranbrook School, Sydney
Net worth Increase A$6 billion (2013 BRW Rich 200)[1]
Spouse(s) Jodhi Meares (1999–2002)
Erica Baxter (2007–present)
Children 3
Parents Kerry Packer
Ros Packer (née Weedon)
Relatives Clyde Packer (uncle)
Frank Packer (grandfather)

James Douglas Packer (born 8 September 1967) is an Australian businessman.

Packer is the son of the late media mogul, Kerry Packer and grandson of Sir Frank Packer. He inherited control of 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.

Contents

Life and career [edit]

Packer is the son of Roslyn (née Weedon) and the late media mogul, Kerry Francis Bullmore Packer, and grandson of Frank Packer. Packer was born in Sydney, Australia. He 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 Barkly Tableland of 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 learn how to smoke marijuana?"[3]

Besides his father, his toughest mentor has been Albert J. Dunlap.[4]

One.Tel [edit]

Main article: One.Tel

Packer was a director of Australian Telecommunications company One.Tel, which was declared insolvent during May 2001. The collapse of One.Tel cost PBL A$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."[citation needed]

Current interests [edit]

Since his father's death, Packer has moved away from the family's traditional media businesses, and focused on creating a worldwide gambling empire, Crown.[citation needed] In 2009 Crown lost US$250 million in failed casino investment company in the US, Fontainebleau Resorts. Crown also paid US$242 million for a stake in Station Casinos which is now considered almost worthless.[5] The purchase of the Burswood Entertainment Complex in Perth, Australia added to PBL's gaming business. Packer has since added further gaming assets in Macau, in partnership with Lawrence Ho, the son of Dr. Stanley Ho, through the SEHK-listed Melco Crown Entertainment.[6][7] In 2011, Packer's ASX-listed Crown Limited acquired a 100% interest in the prestigious Aspinall's Club in London, developed through a joint venture between Crown and Packer's family friend, Damian Aspinall,[8] the son of John Aspinall. Together with Damian Aspinall, Packer is creating a group of casino complexes in Great Britain called Aspers.[citation needed] He[who?] already has a stake in casinos in London's West End, Swansea, and Newcastle.[citation needed] Packer's bid for a UK "supercasino" based in Cardiff fell through when only one licence was granted to the northern city of Manchester.[9] PBL also owns 50% of the online gambling company Betfair. Packer also owns Melbourne's Crown Casino, Australia's largest casino.

Packer purchased an 18% stake in Network Ten in 2010, quickly offloading half to Lachlan Murdoch. Three months later after a dispute with Murdoch over a senior management appointment Packer resigned his Network Ten board seat. There was also speculation that Packer resigned due to a conflict of interest with his interests in Consolidated Media Holdings.[10]

In late May 2011 Packer made a reported A$80 million investment in daily deals sites Scoopon and Catch of the Day through a partnership between his Consolidated Press Holding and several other investors, including Andrew Bassat, a co-founder of Seek.com.au.[11]

Wealth [edit]

Packer first appeared on various wealth lists in 2006, following the death of his father the previous year and the intergeneration transfer of the bulk of Kerry Packer's wealth to his son, James. James Packer's wealth peaked at A$7.25 billion in 2007, however due to poor investment decisions and falling profits, a television report[citation needed] on 21 June 2007 revealed that 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 A$6.1 billion, behind Fortescue Metals Group chief executive Andrew Forrest and Westfield Group's Frank Lowy. That was the first time in 21 years that a member of the Packer family had not topped the list.[12]

On 18 January 2009, The Sunday Telegraph reported that due to ongoing financial problems, Packer's wealth dropped to under A$3 billion; also reporting that Packer listed for sale his Mangusta yacht and delayed the purchase of a Boeing Business jet.[13] Yet by mid-2010, it was reported that Packer owned a number of assets including Ellerston Z (a superyacht), Arctic P (a luxury cruise ship and former ice-breaker), a private jet, a 12-seater Sikorsky S-76 helicopter, and a variety of cars including an Aston Martin DB9 coupe.[14]

In 2012, Forbes magazine estimated that Packer's wealth had increased to US$4.50 billion.[15] Meanwhile, the Business Review Weekly estimated his wealth at A$5.21 billion a few months later;[16] and revised upwards again in 2013 to A$6 billion.[1]

Wealth rankings [edit]

Year BRW
Rich 200		 Forbes
Australia's 40 Richest
Rank Net worth (AUD) Rank Net worth (USD)
2006[17] 70001000000000000001 Increase $7.10 billion Increase 70001000000000000001 Increase $5.20 billion Increase
2007[18][19] 70001000000000000001 Increase $7.25 billion Increase 70001000000000000001 Steady $5.50 billion Increase
2008[12][20] 70003000000000000003 Decrease $6.10 billion Decrease 70003000000000000003 Decrease $5.30 billion Decrease
2009[21][22] 70006000000000000006 Decrease $3.00 billion Decrease 70001000000000000001 Increase $3.10 billion Decrease
2010[23][24] 70006000000000000006 Steady $4.10 billion Increase 70003000000000000003 Decrease $3.50 billion Increase
2011[25][26] 70006000000000000006 Steady $4.16 billion Increase 70003000000000000003 Steady $4.40 billion Increase
2012[16][15] 70006000000000000006 Steady $5.21 billion Increase 70004000000000000004 Decrease $4.50 billion Increase
2013[1] 70003000000000000003 Increase $6.00 billion Increase
Legend
Icon Description
Steady Has not changed from the previous year
Increase Has increased from the previous year
Decrease Has decreased from the previous year

Personal life [edit]

Packer's past girlfriends have included Tania Bryer, Joan Severance and Deni Hines. After breaking off a two-year engagement to Kate Fischer, in October 1999, he married swimsuit model Jodhi Meares from whom he separated in June 2002 and then divorced. He currently resides in the suburb of Bondi, in Sydney's eastern suburbs. Packer lives in a converted four level apartment, overlooking Sydney's Bondi Beach.

Packer married model and singer Erica Baxter,[27] 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 Riviera.[28][29] Together, Packer and Baxter have 3 children: a daughter Indigo, born 27 July 2008, a son Jackson Lloyd, born 1 February 2010, and a daughter Emmanuelle Sheelah, born 22 September 2012.[30]

Friendship with Tom Cruise [edit]

In 2002, following the breakdown of his marriage, and the development of a friendship with Tom Cruise,[31] Packer began attending the Church of Scientology in Australia, taking courses on the Church's Dundas business centre.[32] He subsequently confirmed his involvement with Scientology, saying he had found it "helpful".[33] He later distanced himself from the church.[34]

References [edit]

  1. ^ a b c "BRW Rich 200 2013 Wealth Index". Business Review Weekly (Fairfax Media). 23 May 2013. Retrieved 23 May 2013. 
  2. ^ "ASIC Free Company Name Search". National Names Index. Australian Securities & Investments Commission. 
  3. ^ Guilliatt, Richard (5 May 2003). "Shadow on the son". The Sydney Morning Herald. 
  4. ^ Tippet, Gary (29 December 2005). "Apprentice emerges to become master of an empire". The Age. Retrieved 12 April 2012. 
  5. ^ Carson, Vanda (11 June 2009). "Packer's US casino gamble in $250m loss". The Sydney Morning Herald. Retrieved 21 August 2012. 
  6. ^ Kitney, Damon (9 August 2012). "Packer partner gets tick for Macau casino". The Australian. Retrieved 15 August 2012. 
  7. ^ "Melco Crown". Investment Service Centre. Hong Kong Exchanges and Clearing Limited. 15 August 2012. Retrieved 15 August 2012. 
  8. ^ Kruger, Colin (12 May 2011). "Crown spends on jewels". Business Day. Retrieved 15 August 2012. 
  9. ^ Kruger, Colin (31 January 2007). "Packer loses punt on UK supercasino". The Sydney Morning Herald. Reuters/AAP. 
  10. ^ Magee, Antonia (2 March 2011). "James Packer, Lachlan Murdoch fall out over new Ten Network chief James Warburton". Herald Sun. Retrieved 21 August 2012. 
  11. ^ Bryant, Morris (23 May 2011). "Packer buys into Catch of the Day and Scoopon". The Dealer. Retrieved 16 June 2011. 
  12. ^ a b Litras, Peter (28 May 2008). "Rich surprise: Alan Bond bounces back". The Age. AAP. Retrieved 15 September 2011. 
  13. ^ Leys, Nick; Miranda, Charles (18 January 2009). "James Packer's shrinking funds". The Sunday Telegraph. 
  14. ^ Hornery, Andrew (12 June 2010). "Pastimes paid for by the planet". The Age. Retrieved 10 October 2011. 
  15. ^ a b "Australia's 40 Richest: James Packer". Forbes Asia. 1 February 2012. Retrieved 2 June 2012. 
  16. ^ a b "Rich 200: It's tough at the top". BRW. 24 May 2012. Retrieved 2 June 2012. 
  17. ^ "Australia and New Zealand's 40 Richest: James Packer". Forbes Asia. 2006. Retrieved 10 October 2011. 
  18. ^ "James Packer still top of rich list". The Sydney Morning Herald. 30 May 2007. 
  19. ^ "Australia and New Zealand's 40 Richest: James Packer". Forbes Asia. 1 February 2007. Retrieved 10 October 2011. 
  20. ^ Thomson, James (20 March 2008). "Australia and New Zealand's 40 Richest: The List". Forbes Asia. Retrieved 10 October 2011. 
  21. ^ Zappone, Chris (27 May 2009). "Rich get poorer". The Sydney Morning Herald. Retrieved 15 September 2011. 
  22. ^ "Australia's 40 Richest: James Packer". Forbes Asia. 13 May 2009. Retrieved 10 October 2011. 
  23. ^ Saulwick, Jacob; Cummins, Caroline (27 May 2010). "Lowy leaves mining magnates in the dust". The Sydney Morning Herald. Retrieved 10 October 2011. 
  24. ^ "Australia's 40 Richest: James Packer". Forbes Asia. 3 March 2010. Retrieved 10 October 2011. 
  25. ^ "BRW Rich 200 Wealth Index". BRW (Australia). 25 May 2011. Retrieved 30 July 2011. 
  26. ^ "Australia's 40 Richest: James Packer". Forbes Asia. March 2011. Retrieved 16 May 2011. 
  27. ^ Hornery, Andrew (21 June 2007). "Hitched: artful dodgers almost slip net". The Sydney Morning Herald. Retrieved 3 February 2010. 
  28. ^ Hornery, Andrew (17 June 2007). "All aboard the loveboat". The Sydney Morning Herald. Retrieved 10 October 2011. 
  29. ^ Hudson, Fiona (3 June 2007). "James Packer's $6m wedding". The Daily Telegraph (Australia). Retrieved 22 May 2013. 
  30. ^ Hornery, Andrew (2 February 2010). "New heir for Packer dynasty". The Sydney Morning Herald. Retrieved 3 February 2010. 
  31. ^ Walls, Jeannette (28 December 2005). "Are commitment issues an Urban myth?". Today Entertainment (United States: MSNBC). Retrieved 12 April 2012. 
  32. ^ Sharp, Annette (24 November 2002). "James Packer and the Church of Scientology". The Sun-Herald (Australia). Retrieved 10 October 2011. 
  33. ^ McMahon, Neil (12 June 2007). "Meet Mrs Packer". The Sydney Morning Herald. Retrieved 10 October 2011. 
  34. ^ Hornery, Andrew (10 May 2008). "See ya, Tom: Packer quits Cruise's church". The Sydney Morning Herald. Retrieved 10 October 2011. 

Bibliography [edit]

External links [edit]

Authority control
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