James Packer

For the Anglican theologian, see J. I. Packer.

James Packer
Born	James Douglas Packer 8 September 1967 (1967-09-08) (age 44) Sydney, Australia
Residence	Bondi Beach, Sydney
Nationality	Australian
Education	Cranbrook School, Sydney
Net worth	A$4.16 billion (2011)[1]
Spouse	Jodhi Meares m. 1999, dis. 2002 Erica Baxter m. 2007
Children	Indigo (f., b. 2008) Jackson (m., b. 2010)
Parents	Kerry Packer Ros Packer (nee Weedon)
Relatives	Clyde Packer (uncle) Frank Packer (grandfather)

James Douglas Packer (born 8 September 1967 in Sydney, Australia) is an Australian businessman.

Packer is the son of the late 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][dead link]}

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 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 go learn to smoke marijuana?"^{[4][dead link]}

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

One.Tel

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

Since his father's death, Packer 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 added to PBL's gaming business. Packer has since added further gaming assets in Macau, in partnership with Lawrence Ho.^{[citation needed]} 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]} Packer's 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. On 21 October 2010, it was reported in the Australian media that Packer had purchased a 17.88% stake in Network Ten.^[6] 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 - co-founder of Seek.com.au.^[7]

Wealth

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. This is the first time in 21 years that a member of the Packer family has not topped the list.^[8]

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.^[9] 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.^[10]

In 2011, Forbes magazine estimated that Packer's wealth had increased to US$4.40 billion.^[11] Meanwhile, the Business Review Weekly estimated his wealth at A$4.16 billion a few months later.^[12][1]

Wealth rankings

Year	BRW Rich 200		Forbes Australia's 40 Richest
	Rank	Net worth (AUD)	Rank	Net worth (USD)
2006[13]	&100000000000000010000001	$7.10 billion	&100000000000000010000001	$5.20 billion
2007[14][15]	&100000000000000010000001	$7.25 billion	&100000000000000010000001	$5.50 billion
2008[8][16]	&100000000000000030000003	$6.10 billion	&100000000000000030000003	$5.30 billion
2009[17][18]	&100000000000000060000006	$3.00 billion	&100000000000000010000001	$3.10 billion
2010[19][20]	&100000000000000060000006	$4.10 billion	&100000000000000030000003	$3.50 billion
2011[12][11]	&100000000000000060000006	$4.16 billion	&100000000000000030000003	$4.40 billion

Legend
Icon	Description
	Has not changed from the previous year
	Has increased from the previous year
	Has decreased from the previous year

Personal life

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 suburb of Bondi, in Sydney's eastern suburbs. Packer lives in a converted four level apartment, overlooking Sydney's Bondi Beach. His mother lives in the estate (known as Packer Estate) once occupied by his late grandfather, Sir Frank Packer. At the centre of this estate is the "Cairnton" mansion.

Packer married model and singer Erica Baxter,^[21] 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.^{[22][23][dead link]} Together, Packer and Baxter have a daughter Indigo, born 27 July 2008 and a son Jackson Lloyd, born 1 February 2010.^[24]

Friendship with Tom Cruise

In 2002, following the breakdown of his marriage, and the development of a friendship with Tom Cruise, Packer began attending the Church of Scientology in Australia, taking courses on the Church's Dundas business centre.^[25] He subsequently confirmed his involvement with Scientology, saying he had found it "helpful".^[26] He later distanced himself from the church.^[27]

Notes

1. ^ ^{a b} "BRW Rich 200 Wealth Index". BRW (Australia). 25 May 2011. http://www.brw.com.au/p/lists/rich/brw_rich_wealth_index_6C7D0A81mRoFg5s25l4DdO. Retrieved 27 July 2011. 
2. ^ "ASIC Free Company Name Search". National Names Index. Australian Securities & Investments Commission. http://search.asic.gov.au/cgi-bin/gns030c?acn=008_394_509&juris=9&hdtext=ACN&srchsrc=1. 
3. ^ CMH SHAREHOLDING IN PBL MEDIA TO DILUTE, ASX - MEDIA RELEASE, 16 DECEMBER 2008^{[dead link]}
4. ^ Wealth Creator Magazine - James Packer: PBL's new CEO^{[dead link]}
5. ^ "Packer loses punt on UK supercasino". The Sydney Morning Herald. 31 January 2007. http://www.smh.com.au/news/business/packer-loses-punt-on-uk-supercasino/2007/01/31/1169919373410.html. 
6. ^ Curran, Enda; Koons, Cynthia (20 October 2010). "Australian Billionaire Packer Buys Ten Network Stake". The Wall Street Journal. http://online.wsj.com/article/BT-CO-20101020-702985.html?mod=WSJ_latestheadlines. Retrieved 21 October 2010. 
7. ^ "Packer buys into Catch of the Day and Scoopon". http://thedealer.com.au/deals-blog/news/packer-buys-into-catch-of-the-day-and-scoopon/. Retrieved 16 June 2011. 
8. ^ ^{a b} Litras, Peter (28 May 2008). "Rich surprise: Alan Bond bounces back". The Age. AAP. http://www.theage.com.au/business/rich-surprise-alan-bond-bounces-back-20080528-2ixw.html. Retrieved 15 September 2011. 
9. ^ Leys, Nick; Miranda, Charles (18 January 2009). "James Packer's shrinking funds". The Sunday Telegraph. http://www.news.com.au/dailytelegraph/story/0,,24926608-5001021,00.html. 
10. ^ Hornery, Andrew (12 June 2010). "Pastimes paid for by the planet". The Age. http://www.theage.com.au/executive-style/luxury/pastimes-paid-for-by-the-planet-20100614-y6xb.html. Retrieved 10 October 2011. 
11. ^ ^{a b} "Australia's 40 Richest: James Packer". Forbes Asia. March 2011. http://www.forbes.com/profile/james-packer. Retrieved 16 May 2011. 
12. ^ ^{a b} Thomson, James (26 May 2011). "The patchwork Rich List: Gina’s on top, but non-miners a drag". Crikey. http://www.crikey.com.au/2011/05/26/the-patchwork-rich-list-ginas-on-top-but-non-miners-a-drag/. Retrieved 10 October 2011. 
13. ^ "Australia and New Zealand's 40 Richest: James Packer". Forbes Asia. 2006. http://www.forbes.com/lists/2006/78/KRFL.html. Retrieved 10 October 2011. 
14. ^ "James Packer still top of rich list". The Sydney Morning Herald. 30 May 2007. http://www.smh.com.au/news/Business/James-Packer-still-top-of-rich-list/2007/05/30/1180205321814.html. 
15. ^ "Australia and New Zealand's 40 Richest: James Packer". Forbes Asia. 1 February 2007. http://www.forbes.com/lists/2007/78/biz_07australia_James-Packer_KRFL.html. Retrieved 10 October 2011. 
16. ^ Thomson, James (20 March 2008). "Australia and New Zealand's 40 Richest: The List". Forbes Asia. http://www.forbes.com/global/2008/0407/037.html. Retrieved 10 October 2011. 
17. ^ Zappone, Chris (27 May 2009). "Rich get poorer". The Sydney Morning Herald. http://www.smh.com.au/executive-style/management/rich-get-poorer-20090527-bn70.html. Retrieved 15 September 2011. 
18. ^ "Australia's 40 Richest: James Packer". Forbes Asia. 13 May 2009. http://www.forbes.com/lists/2009/78/australia-rich-09_James-Packer_KRFL.html. Retrieved 10 October 2011. 
19. ^ Saulwick, Jacob; Cummins, Caroline (27 May 2010). "Lowy leaves mining magnates in the dust". The Sydney Morning Herald. http://www.smh.com.au/executive-style/luxury/lowy-leaves-mining-magnates-in-the-dust-20100526-we91.html. Retrieved 10 October 2011. 
20. ^ "Australia's 40 Richest: James Packer". Forbes Asia. 3 March 2010. http://www.forbes.com/lists/2010/78/australia-rich-10_James-Packer_KRFL.html. Retrieved 10 October 2011. 
21. ^ Hornery, Andrew (21 June 2007). "Hitched: artful dodgers almost slip net". The Sydney Morning Herald. http://www.smh.com.au/news/people/hitched-artful-dodgers-almost-slip-net/2007/06/20/1182019193754.html. Retrieved 3 February 2010. 
22. ^ Hornery, Andrew (17 June 2007). "All aboard the loveboat". The Sydney Morning Herald. http://www.smh.com.au/news/world/all-aboard-the-packer-loveboat/2007/06/16/1181414604141.html?page=fullpage#contentSwap1. Retrieved 10 October 2011. 
23. ^ James Packer weds in intimate ceremony : thewest.com.au^{[dead link]}
24. ^ Hornery, Andrew (2 February 2010). "New heir for Packer dynasty". The Sydney Morning Herald. http://www.smh.com.au/lifestyle/people/new-heir-for-packer-dynasty-20100202-n9ud.html. Retrieved 3 February 2010. 
25. ^ Sharp, Annette (24 November 2002). "James Packer and the Church of Scientology". The Sun-Herald (Australia). http://www.smh.com.au/articles/2002/11/23/1037697937276.html. Retrieved 10 October 2011. 
26. ^ McMahon, Neil (12 June 2007). "Meet Mrs Packer". The Sydney Morning Herald. http://www.businessday.com.au/executive-style/management/meet-mrs-packer-20090518-ba2q.html. Retrieved 10 October 2011. 
27. ^ Hornery, Andrew (10 May 2008). "See ya, Tom: Packer quits Cruise's church". The Sydney Morning Herald. http://www.smh.com.au/news/people/see-ya-tom-packer-quits-cruises-church/2008/05/09/1210131257772.html. Retrieved 10 October 2011. 

References

• Paul Barry, Rich Kids, Bantam Books, 2002, ISBN 1-86325-338-6
• Paul Barry, Who Wants to Be a Billionaire? Sydney: Allen & Unwin, 2009. ISBN 1741759749

External links

• Packer/Baxter wedding in Antibes
• James Packer's $6m wedding
• "Apprentice emerges to become master of an empire"
• Tom Cruise "Grooming his successor?"
• "Some Inspirational People" Profiled by Laurence MacDonald Muir.
• James Packer media profile

Persondata
Name	Packer, James
Alternative names
Short description
Date of birth	8 September 1967
Place of birth	Sydney, Australia
Date of death
Place of death