Kerry Packer - Australian Media Mogul and Billionaire Gambling Legend
Kerry Packer was a big name in Australia. He was a media mogul and one of Australia's most powerful media owners in the twentieth century.
- In this article
- Highlights
- Beginnings
- Career
- Kerry Packer Net Worth
- Where Is He Today?
- FAQ
His family's company owned a large part of the Nine Network and Australian Consolidated Press. These later merged to form Publishing and Broadcasting Limited (PBL).
Packer wasn't just known for media. He started the World Series Cricket, which changed the game. He was a famous gambler and often played with huge amounts of money. Casinos knew him as a "hit and run player" because he often quit while ahead.
His passion for gambling was like others' passion for yacht racing or art collecting. He bet as high as the casinos would let him. Packer's gambling wins sometimes even hurt casinos profits.
In 2004, Business Review Weekly magazine said Kerry Packer's net worth was A$6.5 billion. At the time of his death, he was Australia's richest and most influential man.
Full Name
Net Worth
Source of Wealth
Famous for
BornThe Kerry Packer net worth and his bold moves in media and cricket made him a legend. His story is one of big risks and bigger wins, both in business and at the poker table.
Kerry Packer Highlights
- Known for his high-stakes gambling, he bet millions in casinos worldwide, earning a reputation as a "hit and run player"
- He was worth $5 billion at the time of his death which made him Australia’s richest man
- The total area of his properties exceeded the size of the entire country of Belgium
- Placed multi-million dollar wagers in a single casino session
- Famously sold the Nine Network to Alan Bond for $1.05 billion in 1987 and bought it back for $250 million three years later
Kerry Packer’s Childhood and Upbringning
Kerry Packer was born in Sydney, Australia on December 17, 1937. His father, Sir Frank Packer, was a major media owner, controlling Australian Consolidated Press and the Nine Network.
His mother, Gretel Bullmore, was the daughter of Scottish rugby player Herbert Bullmore. Kerry had an older brother named Clyde Packer.
Kerry was involved in many school sports, like boxing, cricket, and rugby. But he struggled with schoolwork, likely due to undiagnosed dyslexia. His childhood was lonely and disrupted.
At five, Kerry was sent to board at Cranbrook School while his parents focused on the war effort. After a submarine attack on Sydney Harbour during World War II, he lived with his aunt in Bowral.
While in Bowral, Kerry got polio and pneumonia. He spent nine months in the hospital and then two years in Canberra to recover. His polio left one side of his face paralyzed.
This caused him great insecurity, and he often thought of himself as ugly. His dyslexia made school tough, and he fell behind his classmates, feeling like a laughingstock.
This experience contributed to the "hardening of the shell" that defined much of his adult personality.
When his father died in 1974, Kerry inherited the family estate, valued at $100 million. Two years earlier, his father had a falling out with Kerry's brother Clyde, so Kerry took over the family business.
This included the media empire started by his grandfather, Robert Clyde Packer, a journalist from Tasmania.
Kerry Packer's Career - How to Build a Media Empire?
Packer’s family company, Consolidated Press Holdings, owned a huge chunk of Publishing and Broadcasting Limited (PBL).
PBL controlled the Nine Network and Australian Consolidated Press, which made some of Australia's best-selling magazines. Kerry also had a stake in Crown Casino in Melbourne.
People in business as well as gambling circles respected Kerry a lot. Even though he wasn't great in school, he was known for being smart in business.
He made a famous deal in 1987 when he sold the Nine Network to Alan Bond for A$1.05 billion and bought it back three years later for just A$250 million. That move is still talked about today.
His success was partly due to government rules that protected his TV and casino businesses from too much competition.
But not everything he touched turned to gold. When One.Tel, a company his son James Packer invested in, collapsed in 2001. It was a big blow to their reputation.
Kerry owned a lot of land in Australia, and in 2003, they found rubies on one of his properties. His business interests included TV networks, magazines, telecoms, petrochemicals, engineering, ski resorts, diamond exploration, coal mines, and land-based casinos.
He was known for shaking things up. He poached top talent from rival TV stations and spent big on sports, like when he created World Series Cricket, which changed the game forever.
“If a British guy saw someone at the wheel of a Rolls-Royce, he'd say, 'come the revolution and we'll take that away from you, mate', where the American would say 'one day I'll have one of those, when I have worked hard enough'. It's unfortunate we Australians inherited the British mentality.”
The Genious Alan Bond Deal
In 1987, Kerry Packer pulled off a legendary deal with Alan Bond. He sold the Nine Network to Bond for a whopping A$1.05 billion.
Three years later, when Bond's empire was crumbling, Packer bought it back for just A$250 million.
Packer famously said, "You only get one Alan Bond in your lifetime, and I've had mine."
This deal was a masterstroke. Packer used the money to buy a 25% share in the Foxtel pay TV consortium. Although he initially regretted selling Nine, the buyback proved wise.
Kerry's son, James Packer, later explained that his father got A$800 million in cash and A$250 million in subordinated debt from Bond Media.
When Bond's company failed, Packer converted this debt into a 37% stake in Bond Media, including Channel Nine in Brisbane.
This savvy move added an A$500 million debt-included value to the network, solidifying Packer's dominance in Australian media.
Kerry Packer's Extravagant Gambling Legacy
Kerry Packer was a legendary gambler, a mogul who treated $1 million markers like pocket change. He gambled at stakes that thrilled even the most seasoned casino executives.
They knew not to keep him waiting. In the fall of 1989, Packer arrived at the newly opened Mirage in Las Vegas. The baccarat crew wasn't ready, and a pit boss couldn't find the key to unlock the table reserved for Packer.
So, they smashed open the setup with a crystal ashtray and began dealing. Packer appreciated the effort. After winning a couple of million dollars, he made a $100,000 bet for the dealers.
Gambling was Packer's passion, akin to yacht racing or art collecting for other wealthy men. He bet the highest stakes allowed and often quit while ahead, earning a reputation as a "hit and run player."
This was a relief for casinos; a big win from Packer could devastate their quarterly numbers.
Casino staff tried to manage Packer's gambling, balancing their losses without driving him away. What they couldn't control was his generosity.
On a winning streak, he would give his entourage $100,000 bankrolls and shower casino employees with tips. Packer was the most extravagant tipper in Vegas history, often giving six-figure gratuities pooled among the dealers.
When Packer was in town, casino employees could count on significant tips, splitting up to $1 million among themselves.
Kerry Packer's gambling habits were as legendary as his business acumen, making him a larger-than-life figure in both worlds.
A Complex Legacy of Family Struggles, Triumphs, and Controversy
Both triumphs and challenges marked Kerry Packer's personal life. His early years were tough; at age eight, he was hit hard by poliomyelitis and spent nine months in an iron lung.
His father, Sir Frank Packer, was harsh, once calling him "the family idiot." This label drove Kerry to prove himself.
Despite struggling academically, he became one of the most notable students at the end of his schooling.
Kerry married Roslyn Weedon, and they were together for 42 years. They had two children, Gretel and James.
At the time of his death, Kerry and Ros had two grandchildren from Gretel's first marriage, and Gretel was expecting another child with her husband, Shane Murray, whom she married just before Kerry passed away.
Kerry's personal life had its controversies. He had several extramarital affairs, including with model Carol Lopes, who tragically took her own life, and with publisher Ita Buttrose.
His long-time mistress, Julie Trethowan, managed his Sydney health club and later controlled some of his real estate holdings.
Despite these personal flaws, Kerry was a complex figure. He was driven to excel, overcoming his father's low expectations to lead PBL to unprecedented heights.
His grandfather, Herbert Bullmore, played rugby for Scotland and worked as a doctor in Sydney, adding to Kerry's diverse family background.
In 2009, former Prime Minister Malcolm Turnbull revealed that Packer once threatened to kill him during a business dispute.
This incident highlights Packer's intense and often ruthless business dealings. Despite his controversies, Kerry Packer's impact on gambling, media and business in Australia remains significant.
Kerry Packer Net Worth and Wealth
When Kerry Packer passed away, he was worth a whopping $5 billion. As Australia's richest man, he was also a big name in the media world.
Forbes magazine even ranked him as the 94th wealthiest person on the planet. Most of his fortune came from his family's company, Publishing & Broadcasting Ltd.
Kerry inherited a lot: two TV stations, five radio stations, nine provincial newspapers, and the biggest magazine publishing company in Australia.
By the late '80s, he had bought another magazine business, sold the country's largest engineering company, and expanded the Nine Network’s programming.
But he didn't stop at the media. Kerry invested heavily in real estate, becoming one of Australia's biggest landowners and cattle barons.
By the late '80s, his properties were said to cover an area bigger than Belgium.
Kerry Packer was a savvy businessman who made smart investments. His moves in media and real estate secured his spot as a major player in Australia's business scene, leaving a legacy that's still felt today.
Where Is Kerry Packer Today?
Kerry Packer passed away on December 26, 2005, at his home in Sydney. He had been dealing with heart and kidney problems for a while. In his last days, he was surrounded by his family.
Kerry died from kidney failure at the age of 68. He was buried at the family mausoleum in Eastern Suburbs Memorial Park in Sydney. His death marked the end of an era for Australia's media giant.
FAQ
What Is Kerry Packer Famous For?
Kerry Packer is famous for being a media mogul and one of Australia's wealthiest individuals. He controlled Publishing and Broadcasting Limited, which owned the Nine Network and many top magazines. He also created World Series Cricket, revolutionizing the sport.
Was Kerry Packer a Big Gambler?
Yes, Kerry Packer was a huge gambler. He was well-known for betting enormous sums of money in casinos around the world.
His gambling habits were legendary, often involving stakes that would make even the most seasoned casino executives nervous. Packer played games like baccarat and blackjack and was known for his "hit and run" style, where he would often leave while ahead.
Who Donated a Kidney to Kerry Packer?
In 2000, Kerry Packer received a kidney transplant from his helicopter pilot, Nick Ross.
Packer had been suffering from severe kidney problems and needed a transplant to improve his health. Ross's donation was a life-saving gesture, allowing Packer to continue his business activities for several years.
Was Kerry Packer a Smoker?
Yes, Kerry Packer was a heavy smoker for much of his life. He was known to smoke heavily, which likely contributed to his various health issues, including heart problems.
Despite his wealth and access to medical care, his smoking habit was a significant factor in his health struggles.
Review this Blog
Leave a Comment
User Comments
comments for Kerry Packer - Australian Media Mogul and Billionaire Gambling Legend