The Real Deal New York

Chinese billionaire picks up $52M mansion outside Sydney

The record-setting deal was made sight unseen
August 09, 2015 03:00PM

In a game of billionaire home swap: Chinese billionaire Chau Chak Wing bought Australian billionaire James Packer’s mega mansion outside Sydney, Australia for $70 million. The deal has set a new residential sale record for Australia.

Wing, a property developer and chairman of Kingold Group, told Domain that he wanted to upgrade to something “a little bigger.”

“I’ve lived in my home in Sydney for a long time now, there are more children at home, grandchildren, so I wanted to move into something a little bigger,” Wing told Domain.

“I never saw the [Packer] house, I don’t know who the former owners were,” he added.

The property features six bedrooms, parking for 20 cars, a 20-seat cinema and a gym and sauna, according to the Financial Times.

Packer – now Mariah Carey’s main squeeze — paid just $18 million AUD for the home in 2009. [Domain | FT] Christopher Cameron