This article is from the Australian Property Journal archive
AUSTRALIAN Chinese billionaire Chau Chak Wing has paid $70 million for James Packer's Vaucluse mansion, La Mer, setting a new record in Australia.
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The sale is the highest price paid for an Australian property and eclipses the previous record of $57.5 million for Angela Bennett`s Perth mansion in 2009.
Packer paid $18 million for the mansion in 2009 and in the following year, he bought the two adjacent properties for another $11 million. The billionaire spent $40 million to extend the mansion.
La Mer is a 3,000 sqm mansion with six bedrooms, 20-seat cinema, underground parking for 20 cars, lap pool and gym.
The sale was negotiated by Christie`s International and Sotheby`s International.
Dr Chau is an Australian resident although he is predominantly based in Guangzhou, China.
The property developer is well connected in Australian political circles, having donated more than $2 million to the major parties.
Australian Property Journal
