James Packer buys Los Angeles home to be near children

James Packer has bought actor Danny DeVito’s Beverly Hills home for $80m so he can be closer to his children.

James Packer spent last Christmas in Aspen with ex-wife Erica and their three kids Indigo, 9, Jackson, 7 and Emmanuelle, 5

Billionaire James Packer has made his most significant property purchase since leaving Australia’s shores five years ago to pursue his international ambitions, spending around $80 million for a home in Beverly Hills to be closer to his children.

Mr Packer, who is believed to have moved into the house more than a month ago, bought the 2700 square metre Los Angeles property from actor Danny DeVito and his wife, actress Rhea Perlman.

The property features seven bedrooms, an eight-car garage, a marble kitchen, an outdoor swimming pool, a private cinema, wine cellar, beauty salon and cigar room, London’s Sun newspaper reported.

Packer’s new pad

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Mr Packer purchased the property at a value well below its asking price of over $115m.

It is understood Mr Packer decided several months ago to purchase a home in Los Angeles to be next to his three children, who live in Los Angeles with their mother Erica Packer.

Previously he had rented actor Warren Beatty’s guesthouse when staying in Los Angeles.

Mr Packer otherwise divides his time between the home he shares with Ms Baxter in Aspen in Colorado, his polo ranch in Argentina and a resort villa in Los Cabos in Mexico.

He also spent time in the Mediterranean during the European summer on his new boat, EJI.

In March he resigned from the board of Crown resorts, citing mental health issues, after his Crown Resorts last year abandoned its international plans and Mr Packer cut ties with his Hollywood movie company, Ratpac.