Australian billionaire James Packer, one of the country’s wealthiest entrepreneurs known for his former Crown Casino empire and tech investments in Nvidia, Meta, and TSMC, has bid farewell to his luxury estate in Aspen, Colorado.
The 59-year-old mogul sold the property for a whopping $42.68 million, securing a substantial profit on a property he purchased more than a decade ago.
He Gained $27 Million
The Wall Street Journal was first to report the sale. The businessman had initially intended to sell the 15,000-square-foot stone residence in the West Buttermilk neighborhood for $48.9 million earlier this summer, but property records show the final sale price was set at $42.68 million.
Packer bought the estate in 2013 with his then-wife, Erica Packer, for $15.6 million. The sale therefore represents a gain of approximately $27 million before taxes and other costs.
The buyers are Alex and Lindsay Davis. Alex is the son of the late oil billionaire Marvin Davis, whose business interests once included 20th Century Fox, Pebble Beach Golf Links and the Aspen Skiing Company, operator of the Aspen Snowmass ski resort.
Ups and Downs
The Aspen deal follows a less profitable real estate transaction for Packer in Beverly Hills.
In 2025, he sold his 32,000-square-foot compound for $60 million, around $3.8 million below the $63.8 million he paid in 2018.
The property had originally gone on the market in 2023 for $85 million before its asking price was reduced to just under $70 million. The eventual buyer negotiated a further reduction.
Despite the loss on that sale, Packer remains one of Australia’s wealthiest businessmen. Forbes estimates his current fortune at approximately $3.6 billion.
Packer inherited a substantial family fortune from his grandfather, Sir Frank Packer, and father, Kerry Packer, who built a major Australian media empire through Australian Consolidated Press.
James later expanded the family’s interests into the casino industry, becoming a major player in Macau through Crown Resorts‘ partnership with Melco International.
He also developed Crown’s Australian operations, including the company’s long-awaited casino project at Barangaroo in Sydney.
His business career has not been without controversy. Packer stepped down as Crown’s chairman in 2018 following government inquiries into the company’s governance and his influence over its operations. He subsequently sold his stake in the casino business.
He Built a Luxury Resort with Robert De Niro
Packer’s latest business venture takes him away from casinos and into high-end hospitality.
Together with actor Robert De Niro, he has developed The Beach Club, an exclusive 400-acre resort and residential community in Barbuda.
Its hotel component, Nobu Beach Inn, is connected to the internationally known Nobu brand, in which De Niro is a part-owner.
The resort is located on Princess Diana Beach, which carries the name of the late princess, who frequently visited the Caribbean destination.
Australian billionaire James Packer, one of the country’s wealthiest entrepreneurs known for his former Crown Casino empire and tech investments in Nvidia, Meta, and TSMC, has bid farewell to his luxury estate in Aspen, Colorado. The 59-year-old mogul sold the property for a whopping $42.68 million, securing a substantial profit on a property he purchased