We’re sorry, this feature is currently unavailable. We’re working to restore it. Please try again later.
Add articles to your saved list and come back to them any time.
The Packer family has transferred ownership of its historic Cairnton estate in Bellevue Hill, lodging its value on official title records at a conservative $105 million.
It is expected to be good news for state government coffers given a family transfer at that price would ordinarily incur a stamp duty of $7.28 million.
James Packer has just come into 11,000 square metres of prime real estate after his family’s sprawling Bellevue estate was transferred into his trust.Credit: AAP
The eastern suburbs compound, known as Cairnton, sits on an oversized block of 1.1 hectares and has been in the Packer family for generations.
The residence was transferred from Cairnton Holdings, owned by the Packer family’s Consolidated Press Holdings.
Its new owner is the corporate entity Victoria Fields, which also owns James Packer’s luxury two-storey apartment in Crown Resort’s One Barangaroo tower that settled for more than $72 million in 2021. Victoria Fields’ sole shareholder is James Packer.
James Packer’s camp was contacted but had not replied by time of publication.
The Bellevue Estate known as Cairnton is one of the largest private landholdings in the eastern suburbs.Credit: Jacky Ghossein
The family compound has expanded in size after nine property acquisitions since Sir Frank Packer bought it in 1935 for £7500.
Sir Frank added five more of the neighbouring properties in his time for £28,000 pounds, and James Packer’s dad Kerry added another four to the cost of $9 million.
The $105 million valuation is likely conservative, given it is one of the largest privately held estates in the eastern suburbs.
The estate includes a Federation mansion, a tennis court, swimming pool and landscaped gardens. It was also famously the location of James’ first wedding, to Jodhi Meares.
Sydney’s house price record is currently $130 million for the Point Piper estate Uig Lodge, which sits on a 3300-square-metre-block and was snapped up by billionaire Atlassian co-founder Scott Farquhar and his investment banker wife Kim Jackson.
They purchased a rundown property, Elaine, also in Point Piper and located on almost 7000 square metres, for $71 million about six years ago.
Sydney’s residential property record is $140 million for a consolidation of two apartments in Lendlease’s Barangaroo South development, which has yet to settle.
Copyright © 2024