It’s a good thing if the super rich move next door. They could well make you a very lucrative offer. James Packer is the latest in a long line of wealthy Australians to build a compound for his family by spending big to buy out his next door neighbors.
The SMH‘s Jonathan Chancellor reports this morning that Packer and wife Erica have spent $12 million adding two more houses to their Vaucluse estate.
Paperwork lodged last week will add 985 square metres to the Wentworth Road Property. Packer bought his family home for $18 million last year.
Chancellor reports that the adjoining Vaucluse Road houses are likely to be demolished for a bigger lawn and a pool.
The neighbor who had objected to the redevelopment proposal received $6.55 million for the house that cost her $3.8 million in February last year.
The other seller was paid $5.5 million and a third property is under offer.
In Melbourne, property consolidation by the wealthy has been popular for the last few decades.
Shopping magnate John Gandel has consolidated three properties in Toorak and property developer Ted Lustig consolidated four to build his compound.
Trucking magnate Lindsay Fox bought an adjoining property owned by billionaire Solomon Lew. And Andrew Fox is following suite consolidating three properties in Toorak.
In other news this morning, Packer, executive chairman of Crown Casino, announced a $212 million to upgrade its VIP facilities at its Melbourne entertainment complex.
Plans include 11 new private gaming salons, an expansion and upgrade of the VIP Mahogany Room, improved spa facilities, and a refurbishment of the Crown Towers villas.
The Mahogany Room will be expanded by almost 50% and include new non-gaming facilities for members, Crown says in a statement.
The expansion and upgrade will create 200 jobs and is expected to be completed in the first half of 2012.
Packer says: “On completion, our premium facilities will… allow Crown Melbourne to compete successfully in this very competitive sector of the global tourism market.”
Smart Company is a sister publication to The Mandarin, catering to Australia’s entrepreneurs, small and medium business owners and business managers.
