James Packer and Erica Baxter sell Vaucluse trophy La Mer

James Packer and Erica Baxter sell Vaucluse trophy La Mer
James Packer and Erica Baxter sell Vaucluse trophy La Mer

Australian billionaire James Packer has sold his Vaucluse trophy home La Mer for $60 million plus, the highest price ever paid for an Australian property.

La Mer is believed to have been sold to an Australian resident and is not under Foreign Investment Review board scrutiny, according to The Daily Telegraph.

The buyer is reputedly the Australian-Chinese billionaire businessman Chau Chak Wing, best known for his donation to build the landmark Frank Gehry-designed Dr Chau Chak Wing Building of the University of Technology, Sydney.

The Vaucluse home was built by James Packer and ex-wife Erica Baxter who briefly moved in on its 2013 completion.

The property has six bedrooms, gymnasium, a 20 car garage and 20 seat cinema.

The non-waterfront sale tops the Australian high of $57.5 million set in 2009 for a Perth riverside compound sold by mining heiress Angela Bennett.

The Sydney record of $52 million was set in 2013 when Chinese businessman Wang Zhijun bought the Point Piper waterfront Altona.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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