James Packer's mansion sold for the highest price ever paid for an Australian property

Image of James Packer from Scott Barbour/ Getty.

Billionaire casino mogul James Packer has sold his Sydney mansion for an estimated $60-70 million – the highest price ever paid for an Australian property.

The sale far exceeds the previous Sydney record of $52 million for Altona in Point Piper in 2013 and the national record of $57.5 million for a Perth mansion in 2009.

The Daily Telegraph reports that an Australian buyer purchased the Vaucluse mansion, La Mer, which Packer bought in 2009 for $18 million, spending an additional $11 million to combine it with two adjacent properties. Domain says the sale price was closer to $70 million and he’ll only just break even on the deal, having spent $40 million on the rebuild.

The lavish 3000-square-metre property on Wentworth Road has six bedrooms, a fully equipped gym, 20-seat cinema, and space for 13 cars in the garage.

The sale follows Packer’s divorce from Erica Baxter. The couple only lived in the mansion as a couple for about four months following a three-year build.

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