For a long time, James Packer was the richest man in Australia. His father, Kerry Packer, was a media mogul. They were so rich that every year, for 21 years straight, either James or Kerry were numero uno on the rich list in Australia.
Over the past year James Packer has seen his assets cut in half, from AUD $6 billion to $3 billion, and that number is still falling. His playboy lifestyle isn’t quite what it use to be. Up until recently he owned the world’s largest open yacht – complete with 9 bedrooms and even an onboard Aston Martin V12 Vanquish – but that’s now been sold. So has his $38 million luxury condo. As for his $60 million custom Boeing jet that he ordered? Well let’s just say delivery of that has been postponed. Not even his black Amex can bail him out of this one. Although he still has a lifestyle we can only imagine in our wildest dreams, at least you can take comfort in knowing you aren’t the only one who has been feeling the credit crunch.