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Australia's 3rd richest man selling world's largest open yacht due to financial woes.

Byline: ANI

London, January 19 (ANI): The global financial crisis has not even spared multibillionaires, as Australia's third richest man James Packer deciding to put up his 50million-dollar yacht up for sale, postpone delivery of a 60million-dollar private jet, and leave a swimming pool complex at his family property half-built.

The 41-year-old, who once happened to be the country's richest man, had inherited a fortune from his media tycoon father Kerry Packer.

However, a Sydney Sunday Telegraph report suggests that the value of his assets have more than halved in the past year, from 6 billion dollars to less than 3 billion, and consequently, he is dismantling his playboy lifestyle.

A three-level Mayfair apartment is also up for sale, reports the Independent.

Packer launched his Mangusta 165 yacht, the Z Ellerston, in July, after a two-year wait for delivery.

It is said to be the world's largest model of open yacht, which is sold with a complimentary Aston Martin and features nine bedrooms.

The newspaper also revealed that Packer had deferred delivery of a Boeing Business Jet to 2010 to release some capital.

The businessman, whose aim is to create a global casino empire, was listed as Australia's third richest man last year, marking the first time in 21 years that he or his father had not sat on top of the rich list.

The size of his fortune has shrunk ever since, a reason behind why a 3.7million-dollar swimming pool and pavilion in the grounds of his sprawling property, Ellerston, in the Hunter Valley, north of Sydney, remains incomplete.

According to the paper, a look at the aerial pictures of the site suggest that the construction work has been stalled.

Packer is also said to be suffering depression as a result of his financial woes, and has not been seen in public for some time.

He recently sold his stake in the family's pastoral company, which operates 17 cattle stations in northern Australia, for about 425million dollars.

But he still owns one of Australia's leading golf courses, an 18-hole course designed by Greg Norman, situated at Ellerston and maintained in championship condition year-round. (ANI)

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Publication:Asian News International
Geographic Code:8AUST
Date:Jan 19, 2009
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