James Packer takes hit on LA mansion sale
James Packer has sold a Beverly Hills mansion – five weeks since buying a replacement twice the price, at Bel Air.
The outgoing home – 1028 Ridgedale Drive, collected $US60 million (A$94m) – just short of what he paid in 2018 ($US$64m or A$100.3m).
Those sellers, developers Stuart and Stephanie Liner, had just carried out a swank renovation after paying actors Danny DeVito and Rhea Perlman $US26.6m (A$41.7m) in 2015.
Prior to that, the 1930s home with 12 bedrooms, 18 bathrooms, beauty salon, cigar lounge, gym and wine cellar, on 2694 square metres, was briefly rented to Ben Affleck and Jennifer Lopez.
Packer will upgrade to a 9000 sqm Bel Air estate – Le Belvedere – that cost $US110m ($A172.4m) in March.
With 10 bedrooms, the triple storey French chateau style mansion was built in 2007 by US developer Mohamed Hadid and ex-wife, Yolanda, and where their supermodel daughters, Gigi and Bella, were raised.
Record price
The price achieved for 1028 Ridgedale Drive is a suburb record this calendar year. On 2694 sqm, the estate also includes a pool and established gardens.
The sale come after an unsuccessful campaign in September, 2023, when it was seeking $US85m ($A133.2m).
Since selling his Crown Resorts stake to Blackstone for $3.3 billion in 2022, Mr Packer has invested in a variety of ventures. In Australia this includes real estate tie-ups to residential product.
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