The bitter feud between two of Australia’s most wealthy siblings has drawn to a close, with James Packer signing over an estimated $90million worth of property in the peace offering with sister Gretel.
The children of late media tycoon Kerry Packer were embroiled in a years long dispute on how to carve up the family estate.
But it seems Mr Packer has chosen to bow out of the clash, signing over control of pastoral property in the New South Wales Hunter Valley to his sister entirely, after admitting some of the things he said to her during the period were unforgivable.
‘My sister and I have made up… both Gretel and I make peace. I’m so happy. I love my sister,’ Mr Packer reveals in his new biography on his life The Price of Fortune, according to The Australian.
James (pictured) and Gretel Packer, the children of late media tycoon Kerry Packer, were embroiled in an epic clash over negotiations to carve up the family estate
James and Gretel Packer (pictured), the children of late media tycoon Kerry Packer, were embroiled in an epic clash over negotiations to carve up the family estate
Ms Packer said in the book: ‘I love my brother very much and am very happy that he and I have been able to negotiate this settlement’.
Ms Packer last year bought a 50 per cent share of the ‘Ellerston’ property from Crown – of which Mr Packer is the largest shareholder- for $62 million.
While it is unclear how much Ms Packer paid to buy out her brother’s own share, based on the price of Crown’s 50 per cent share, Mr Packer’s private 25 per cent stake is estimated to be worth $30 million.
This makes the total cost to Ms Packer in excess of $90 million, and the total value of the property $125 million.
Mr Packer cited his mother as a pivotal player in ending the tensions, as well as several financial advisors who assisted him throughout the three-and-a-half year process.
The bitter feud between two of Australia’s most wealthy siblings has drawn to a close, with James Packer signing over $92 million worth of property in the peace offering
The pair have come to agreements regarding the estate in the past, with the first, in 2015, totalling to an estimated value of $1.25 billion.
In the latest deal, in which Ms Packer has secured the Hunter Valley property, she also managed to take full ownership of her father’s super yacht.
While Mr Packer said the loss was going to be a sentimental blow to him, considering it is where his fathers remains lie, he said it was his father’s wise words that led him to make the decision.
‘My father once said to me, ”Son, the problem with the English is they sell their businesses to keep their properties. Sell your properties to keep the business”,’ Mr Packer said.
The expansive property is where the pair’s late father, Kerry Packer, is buried
While Mr Packer said the loss was going to be a sentimental blow to him, considering it is where his fathers remains lie, he said it was his father Kerry Packer’s (pictured) wise words that led him to make the decision