The buyer of a James Packer’s $70 million Sydney mansion has been confirmed as renowned Australian-Chinese billionaire businessman Chau Chak Wing.
Dr Chau, best known for his $20 million donation to the Frank Gehry-designed crumpled paper bag building at Sydney’s University of Technology unveiled in February, has now purchased the Vaucluse property.
“We can confirm that the Chau family has decided to move from the family home in Hunters Hill to Vaucluse and has accordingly agreed to purchase the Packers’ house,” a family spokesman said in a statement.
“As this is a private family matter, no further comment will be made.”
The estimated $60-70 million price tag for the Packer pad set the record for the highest price ever paid for a residential property in Australia, topping the previous Sydney record of $52 million paid in 2013 for the Point Piper mansion Altona.
Packer and his former wife Erica Baxter spent millions renovating the designer home, that sits on 3345 square metres, but split just months after moving in.
Ms Packer was reportedly not a big fan of the sprawling, white-arched, six-level property, equating her short stay at the mega-mansion to living in a “shopping centre”, Fairfax reports.
Packer paid $30 million to acquire the three properties that were amalgamated for the site in 2009 and 2010, and then spent an estimated $40 million on a mammoth extension of the original Guildford Bell-designed residence.