James Packer’s $43 Million Renovation
Billionaire James Packer and wife Erica are well on their way of creating one of the most expensive compounds in Sydney. The $43 million Vaucluse compound is set to rival the famous 3 acre Bellevue Hill estate created by his late father Kerry and originally purchased by Sir Frank Packer for 8,000 pounds in 1935. Last year the couple spent around $10.35 million purchasing two properties adjacent to their current Wentworth Road home. They’ve now been demolished and the redevelopment of the estate is underway. The final product is said to include a 13 car soundproof garage, rooftop lap pool, underground cinema and staff quarters. The new building will be linked to their existing six bedroom $18 million home, which will also be renovated, by a lift and walkway.
Woollahra Council papers show the eastern wing will gain another storey containing two bedrooms, while the western wing will feature an expanded study and a new timber/synthetic membrane roof. The extension, designed by Sydney Architects Tzannes Associates, will also feature a three storey addition to the Southern end of home with a basement level kitchen, TV room and bedroom. Privacy is also on their list of musts – a 2.4 metre metal security fence is going to be added on the Wentworth Road side while a 2.1 metre picket fence will be added on the Vaucluse Road side.
The home, in one of Sydney’s most prestigious suburbs, will also feature a large 13 foot wide semi circular driveway and 20′ ceilings featuring skylights with solar panels on the roof. While the couple have already spent nearly $30 million acquiring the three properties, their budget for the renovation is around $13 million.