James Packer hasn’t seen his older sister Gretel since they settled their father’s $1.25 billion will two years ago.
The Australian businessman spent ten years negotiating Kerry Packer’s enormous fortune with his sibling, causing a rift to form between the notoriously shy family members.
It was eventually finalised in December 2015, but Packer admits at times conversations between the pair were not pleasant.
James Packer (pictured) hasn’t seen his older sister Gretel since they settled their father’s $1.25 billion will two years ago
The Australian businessman spent ten years deliberating on Kerry Packer’s enormous fortune with his sibling (Gretel pictured, also alongside jockey Michelle Payne), causing a rift to form between the notoriously shy family members
‘Stages of the negotiation with Gretel were difficult, but a framework for future resolution was achieved,’ he told the Weekend Australian.
Despite the resolution forecasting a debt-free future for Packer’s Consolidated Press Holdings it didn’t do much for the bond between the siblings.
‘We have not spent a lot of time together. She is getting on with her life and I’m doing the same,’ he said.
While the terms of the deal have still not been revealed, Packer did admit closing the ‘dealing-with-my-obligations-to-my-sister chapter’ was a relief.
While the terms of the deal are still being kept out of the limelight Packer did admit that closing the ‘dealing-with-my-obligations-to-my-sister chapter’ was a relief (Gretel pictured)
Like father, like son! Despite the resolution forecasting a debt-free future for Packer’s Consolidated Press Holdings it didn’t do much in for the bond between the siblings (Kerry Packer pictured left, James Packer pictured right)
While the 50-year-old is currently based in Buenos Aires, Argentina, Gretel snapped up an $8.75 million Potts Point penthouse in Sydney earlier this month – just a 15 minute drive away from her brother’s beloved Crown Sydney complex in Barangaroo.
Packer has shared a desire to return to Sydney once the project is completed in three years time, with the building plans incorporating an apartment on the top floor with bedrooms for his three children: Indigo, Jackson Lloyd and Emmanuelle Sheelah.
But there was a time when the mogul seriously considered an American business venture to be closer to his children and ex-wife Erica Baxter in Los Angeles.
‘I wanted to have a business in either LA or Vegas so I could be close to my kids. The business I tried to make work in LA was RatPac and I lost $100 million,’ he said.
But there was a time when the mogul seriously considered an American business venture to be closer to his children and ex-wife Erica Baxter (pictured) in Los Angeles
In the same interview Packer describes the relationship he has with his second ex-wife Erica Baxter (pictured) as special, and ‘deeply regrets’ letting their marriage fall apart
They were together for six years, the 50-year-old’s longest relationship to date, before calling it quits in September 2013 (pictured Erica Baxter with James Packer)
RatPac was a film production company Packer started in 2012 with Brett Ratner – the same Hollywood producer who introduced him to ex-fiance Mariah Carey.
While it did co-finance 50 films, 21 of which earned themselves Academy Awards, there were others that didn’t take off, causing Packer to sell his stake to Access Hollywood in April this year.
He was disappointed in the financial loss, but also the geographical distance he had now put between himself and the children.
‘I was trying to find something to do in LA, which is where my kids are, so that was part of it,’ he reasoned.
In the same interview, Packer describes the relationship he has with his second ex-wife Erica Baxter as special, and ‘deeply regrets’ letting their marriage fall apart.
They were together for six years, the 50-year-old’s longest relationship to date, before calling it quits in September 2013.