Casino tycoon James Packer selling Ellerston golf course, but keeping the farm
The Packer family is in the process of selling part of Ellerston, its luxury Hunter Valley rural retreat for around $60 million.
The Crown Resorts group has reached agreement in principle with the Consolidated Press Holdings Group to acquire a 50% interest in part of the property and operations at Ellerston.
The part of Ellerston in which Crown will acquire its 50% interest comprises approximately 1,400ha and includes luxury accommodation, one of Australia’s best golf courses, a go-cart track, cinema, several swimming pools and other luxury attractions.
It does not include the part of Ellerston on which the agricultural business is conducted.
The acquisition remains subject to the completion of long form sale and subdivision documentation.
"The acquisition will enable Crown to give effect to its commitment to the NSW Government to give VIP gaming customers at Crown Sydney access to the luxury facilities at Ellerston," Crown advised.
The acquisition has been approved by Crown’s independent directors.
The prime rural property was bought by James Packer’s late father, the media tycoon Kerry Packer in 1972.
It features one of Australia’s best golf courses, designed by British Open champion Greg Norman.
Crown, which is 50.1 per cent owned by Mr Packer, intends to use the luxury facilities at Ellerston to helicopter in high rollers from its new casino resort being built at Barangaroo.
The property near Scone comprises 30,000 hectares.
Some pics courtesy of Bob Harrison.
