James Packer settles down at the Crown apartment for $ 72 million – BoilingNews


The stamp duty on the purchase is only $ 5 million.

When Packer’s purchase was unveiled in 2017, he said the completion of the building in 2021 would mark a permanent return to his hometown of Sydney with bedrooms for his children from his marriage to Erica Baxter.

However, doubts were raised as to whether he would ever live in the apartment due to the controversy surrounding Crown’s casino license and a potential sale of his stake in the company.

An image of an apartment in One Barangaroo before it was sold.Credit:FloodSlicer Pty Ltd

Crown’s NSW casino license in Barangaroo was suspended in January following a condemnatory public inquiry into its operation. The license has not yet been reinstated.

Within months of the outbreak of COVID-19 in early 2020, the Crown’s share price fell to a low of $ 6.12, down from $ 11.45 five years ago.

Packer’s right hand man, Ben Tilley, has also settled down on his apartment, a much smaller 191-square-foot pillow with two bedrooms, but with a stunning north-facing aspect.

Mr. Packer’s apartment settled in the company name Victoria Fields, of which he is the sole owner.

Mr Packer is no stranger to Sydney real estate. When his Vaucluse mega-mansion La Mer was sold in 2015, it set a national house price record of $ 70 million.

While Mr. Packer’s settlement represents a national apartment price record for a single apartment, a consolidation of the penthouse and sub-penthouse in Lend Lease’s yet unbuilt Tower 1 building in Barangaroo South was swapped more than $ 140 million two years ago.

The buyer of the Renzo Piano-designed apartment consolidation has not yet been revealed, but sources at the time said the penthouse apartment is expected to be used as their home by the end of 2023, and the sub-penthouse -the apartment is used as a separate living area.

Mr. Packer’s announced purchase of the Crown Resorts building was followed by a dozen trophy sales in the landmark building. Among the early buyers was venture capitalist Bob Blann, who exchanged at a $ 41 million full floor in 2018.

Mary Tartak, wife of rich list lister Tony Tartak of garbage disposal giant Bingo Industries, bought a $ 40 million apartment consolidation, and Hong Kong’s Cheng family patriarch Tony Cheng, who runs investment firm NGI Investments, paid $ 40.75 million. for his whole-floor apartment.