Recession

Billionaire Sells Off Yacht

For the Packer family, it's the end of an era: For the last 21 years, either James Packer or his father, media tycoon Kerry Packer, have topped the list of Australia's richest, but last year James came in third. Thanks to the financial crisis, James Packer's $6 billion fortune has dwindled to less than $3 billion, driving him to tone down his lifestyle. Packer put his $50 million yacht—a model that is world's largest and requires a two-year wait—up for sale, delayed delivery of a $60 million private jet, and stopped construction on a $3.7 million swimming pool and pavilion on one of his properties. He's also sold his stake in the family cattle company for $425 million, and divested himself from his father's media interests. Apparently, the depressed and now overweight billionaire hasn't been seen in public for some time and will be focusing on building his global casino empire.