James Packer confirms reason behind $93 million house sale

Australian billionaire James Packer has offloaded his multimillion-dollar Beverly Hills home – and now he has revealed the reason behind the sale.

James Packer has confirmed he has offloaded the Beverly Hills mansion he purchased in 2018 to be closer to his then US-based children with ex-wife Erica Packer.

The businessman-investor has sold the 12 bedroom house, once home to Hollywood stars Danny DeVito and Rhea Perlman, for $US60 million ($A93 million).

The figure is $US10 million less than he paid for it in 2018 and down on the $US85 million ($A132 million) the businessman had previously listed the property for in September 2023. He later withdrew the home from the market before relisting.

Speaking exclusively to news.com.au, the billionaire confirmed the sale on Wednesday.

“The old house was great but it didn’t have a view,” he said.

James Packer has sold the Beverly Hills home he purchased in 2018. Picture: Joe Bryant

The billionaire recently purchased a new property in March this year. Picture: Jeff Rayner

His previous home (pictured) was once owned by Danny DeVito. Picture: Joe Bryant

The sale follows his recent relocation to a palatial Bel Air mansion, which he purchased in March this year for $US110 million ($A174 million).

The new home boasts 280 degree views over Los Angeles.

“The new house has an amazing view over LA,” he said.

“I’m very lucky – spoilt.”

Accepting the LA real estate market had “not been strong”, the Sydney-born businessman ventured that his new property investment was a sign he was “doubling down” in the US.

Packer’s new monumental 9000 sqm property in Nimes Road was once the childhood home of American fashion models Gigi and Bella Hadid, the daughters of US property developer Mohamed Hadid and his ex wife Yolanda.

James Packer has now purchased the childhood home of models Gigi and Bella Hadid. This is the home as it looks today. Picture: Supplied

One of the rooms from inside the property is pictured prior to the renovations. Picture: Supplied

He bought the home for $A174 million. Picture: Supplied

Hadid built the vast three-storey French-style chateau, known then as Le Belvedere, on the spectacular hilltop site in 2007 before selling it in 2010 for $US50 million and leasing it back from its new owners.

The property then returned to the market in 2016 with an asking price of $US85 million.

During the past five years no expense has been spared transforming the 3700 sqm building and its Versailles-style gardens into a luxurious and white contemporary edifice which more subtly acknowledges its French influence with elegant and simple design.

The house purchase follows Packer’s decision, made at Christmas, to lease a smaller house that backs onto US President Donald Trump’s Florida home Mar-a-Lago.

That decision came as the one-time casino mogul rebooted his professional association with Hollywood producer Brett Ratner.

The old friends have dusted off their shelved company Ratpac and are currently working on a documentary on first lady Melania Trump for Amazon.