Packer’s massive new $200m giga-yacht prepares for launch

With a final bill around $200 million, James Packer’s new 108m “giga-yacht” is among the biggest in the world. SEE HOW IT COMPARES

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James Packer’s biggest ever mega yacht has taken four years to complete and the budget has blown out by $50 million, but the Los Angeles-based billionaire is about to set sail into a whole new world of luxury.

With a final bill around $200 million, the 108m “giga-yacht” is among the biggest in the world.

James Packer’s new giga-yacht will drawf his father’s Artic P. Picture: Scott Barbour/Getty Images

It will be the second time the casino mogul has named a boat using the initials of his children. This vessel is called IJE and his previous superyacht was EJI, after his children Emmanuelle, Jackson and Indigo.

The boat’s construction had been overseen by Mr Packer’s great mate Matthew ‘Ched’ Csidei, who was in charge of the “ministry of fun”, Mr Packer’s portfolio of planes, boats and homes.

But Mr Csidei mysteriously left Mr Packer’s private investment company CPH in 2017.

The giga-yacht’s budget ballooned from the original $150 million and it was long delayed launching out of the Benetti shipyard in the port city of Livorno in Italy.

It has since hit the water and Mr Packer is expected to step on board in coming weeks.

The boat’s handover comes as things are looking up for Mr Packer after several torrid years, marred by an ugly bust up with singer Mariah Carey and his revelation he was suffering mental health problems.

In May he pocketed $1.8 billion selling part of his shares in his Crown Resorts casino empire to Chinese gaming mogul Lawrence Ho.

Earlier this month he was snapped with girlfriend Kylie Lim in Capri earlier this month.

The new vessel features a cinema, fire-pit, heated swimming pool and 1000 sqm of open deck space.

It’s an upgrade from the days when Mr Packer owned the nine-bedroom $50 million Z Ellerston yacht and leaves in its wake his late father Kerry Packer’s old converted icebreaker Arctic P.

Mr Packer’s sister Gretel took the 88m Arctic P in the settlement the siblings reached over their father’s estate two years ago.

It might be smaller but Gretel and her family will still be cruising in luxury, with a helipad, cinema, glass-bottomed swimming pool and jacuzzi on board.

Ian Malouf has set up a superyacht charter platform business called Ahoy Club. Picture: John Feder/The Australian

Dial-A-Dump founder Ian Malouf has been helping out his fellow Cranbrook alumni Mr Packer during this European summer season while the gaming billionaire waits for delivery of IJE.

Mr Packer has been cruising the Mediterranean on Malouf’s boat Mischief, a 52m superyacht worth $40 million.

Mr Malouf sold out of Dial-A-Dump for $578 million earlier this year and has set up what he hopes will be the Uber of yachting, Ahoy Club.

The company rents out luxury vessels around the world, including Mischief.

Aussie Home Loans founder John Symond is another member of the mega-rich mega-yacht club.

He treated himself for his 70th birthday two years ago to a new 73m superyacht called Hasna, splashing out $143 million on the vessel.

It features an eight-metre swimming pool with a waterfall and luxury accommodation for 12 guests and 21 crew in 16 rooms.

Billionaire James Packer holidays on a super yacht in Italy with girlfriend Kylie Lim Picture: Backgrid

Bar tsar Justin Hemmes doesn’t go for boats — planes are more his speed.

He splashed out $40 million last year on a Bombardier Challenger 300 that accommodates 10 passengers and features wardrobes and a large bathroom.

He’s also got a seaplane called Gigi, which he uses for quick trips from his harbourfront Vaucluse mansion The Hermitage to his coastal retreat at Narooma on the NSW South Coast.

Frank Lowy, 88, owns $US100 million 82m superyacht Ilona, named after his mother.

It had a refit in 2018 and can accommodate 16 guests in 8 cabins as well as 28 crew in 14 cabins. He also owns a Gulfstream G650 private jet.

Australian businessman Brett Blundy owns the $114 million Cloud 9, a 74m yacht with room for 12 guests and 26 crew.

Blundy founded BB Retail Group and got his start in business with the purchase in 1980 of a single music store that he built into a chain of 350 stores in the Sanity Entertainment Group.

Kerry Stokes has long-owned superyacht Antipodean, which has had many refits over the years, and while at 36m it is not big compared with today’s mega yachts of the mega rich, it’s still luxurious and worth about $21 million.