Packer's Proposed $100m Barangaroo Penthouse May Be Australia's Most Expensive Property

Billionaire businessman James Packer could potentially recover the $100 million paid to acquire Crown’s Barangaroo casino license if the sale of the planned three-storey villa goes ahead.

Architecture firm Wilkinson Eyre revealed design plans for the spacious penthouse suite to industry insiders last week, although Crown has yet to specify whether the lodging will be sold or retained as luxury accommodation for VIP high rollers.

Real estate guru and CBRE chairman Justin Brown said that if a private sale was to be approved there would be genuine interest from international buyers, possibly resulting in a nine-figure price tag, SMH reported.

Crown has yet to officially lodge a development application for the 69-storey Sydney Harbour property, while Barangaroo developer Lend Lease is pushing for a height concession. At 270 metres the proposed resort – which will incorporate hotel rooms – significantly breaches the 170-metre height limit for a hotel at Barangaroo, set when the proposal was for a building on a pier jutting out into Sydney Harbour.

The Australian record for most expensive property sale currently belongs to mining heiress Angela Bennett, whose Mosman Park riverside mansion in Perth sold for $57.5 million in 2009.

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