Packer Puts Super-Yacht Up For Sale For $283 Million
Australian billionaire James Packer super-yacht is up for sale less than two years after he bought it. You will not see change from $283 million if you are interested in owning the mechanical marvel.
Packer took receipt of the Benetti super-yacht in April 2019. He placed his order in 2015 and expected to pay $120 million. However, several delays later, Packer found himself footing a $200 million bill.
The billionaire named his super-yacht “IJE” after his three children: Indigo, Jackson, and Emmanuelle. It is a staggering 108 meters long and features three functioning levels. Burgess Yachts is tasked with finding the vessel a new home. It describes the boat as “the ultimate world-cruising family yacht for a very experienced owner.”
Anyone purchasing the Italian-built super-yacht can accommodate 22 guests across 11 cabins, including a private owner’s deck. There is a cinema, heated swimming pool, nightclub, and even a barber’s salon.
Packer’s super-yacht is the longest yacht Benetti has ever built, so it stands out from the crowd.
Why Is Packer Selling His Super-Yacht?
Nobody knows why Packer is selling his super-yacht; he does not need the money. Forbes estimates the casino and media mogul has a net worth of $4 billion. It could be a simple case of he is bored with it and fancies a new toy.
The press spotted Packer’s super-yacht in the French Caribbean towards the end of 2020. He parked alongside “Queen Mi,” the boat belonging to Sheldon Adelson. Packer denied the two physically met, but rumours surfaced about Adelson buying Crown Resorts. Adelson passed away in January 2021.
Eagle-eyed reporters spotted Packer partying aboard his yacht with three glamorous Instagram models in Mykonos in June 2021. Packer’s long-term Kylie Lim was not present. Perhaps Lim has forced Packer’s hand?
Selling his pride and joy is a strange decision. Packer uses the boat as a retreat away from the hustle-bustle of daily life. He struggles with mental health issues and his super-yacht is often his escape.
Two Years To Forget
They say money cannot buy you happiness and this seems true in Packer’s case. He is worth an estimated $4 billion yet has endured two years he will want to forget.
Packer’s attempted sale of his Crown Resorts stock is what sparked the investigations into Crown’s affairs. Ultimately, that failed sale resulted in Crown’s Barangaroo, Sydney, casino being unable to operate.
The royal commission into Crown Melbourne’s affairs has not shown Packer in a good light. The investigators and the commissioners grilled Packer at length as he gave damning evidence into how Crown operates and the influence he has over the company due to his majority shareholding.
Packer’s negative influence is such that the New South Wales gambling regulator considered forcing him to sell his entire Crown stock. However, Packer negotiated a deal with the regulator. Packer agreed to give up board seats until at least October 2024. In addition, he agreed to have no control over Crown’s management or business decisions.
Oaktree Offers an Exit Route
Vultures continue circling the stricken Crown Resorts hoping to bag themselves a bargain. American asset management company Oaktree Capital Management offered Packer a route out of Crown. It was willing to pay $3 billion for Packer’s 37% stock in the casino and hotel giant.
Oaktree later revised its offer and revealed how it planned to fund the purchase.
The original Oaktree offer came in mid-April but nothing has progressed since. Oaktree has remained tip-lipped about the offer while Packer and his people have said nothing since confirming Oaktree’s offer.
Further bids for Crown Resorts are expected. The bid from Blackstone, for example, valued Crown at $11.85 per share. Crown stated this bid undervalues the company. However, Crown shares are only worth $9.51 and will plummet if the royal commission decides to remove the company’s Melbourne and Perth casino licences in October.
