You know times are tough when one of Australia’s richest entrepreneurs puts his corporate jet on the market.
Aviation circles are abuzz with the news that a Global Express jet that was owned by the Packer family’s private company, Consolidated Press, has been put up with sale.
The jet, which has been used to ferry the Packer family to and from the US and around Australia, has been listed on aviation website jets.4u. Interested parties are invited to contact the agent, Florida Jet Sales, to make an offer.
Packer appears to be in the midst of a clean-out of his luxury toys.
British newspaper The Telegraph also recently reported that the gaming baron has put his three-level apartment in the exclusive London suburb of Mayfair up for sale. Agents are reportedly hoping the property will fetch $61 million, which would represent a big gain for Packer, who paid about $38 million back in 2006.
Packer’s $50 million luxury yacht Z Ellerston is also on the sale block with an agent in the French port of Cannes. Packer only launched the boat in July 2008.
Packer is also in the process of selling his family’s vast rural holdings. It appeared Packer had sold his family’s 90% stake in Consolidated Pastoral Company to British group Terra Firma, but agribusiness newspaper Stock & Land recently reported this deal had fallen over.
Packer’s fortunes have been battered in the last 12 months as a result of the global financial crisis. The value of his stakes in Crown Group and Consolidated Media has fallen from around $4.5 billion to $1.9 billion.
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Patrick Stafford is a freelance journalist and a former deputy editor of SmartCompany.
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