Kerry Packer Net Worth: The $6.5 Billion Empire of Australia’s Richest Man
Kerry Packer was not just a media mogul; he was a force of nature who dominated Australian business and culture for decades. As the head of a publishing, broadcasting, and gaming empire, he was known for his ruthlessness, his larger-than-life personality, and his legendary gambling habits. At the time of his death, he was the richest man in Australia, leaving behind a fortune that cemented his place in history.
Kerry Packer’s net worth at the time of his death in 2005 was estimated to be approximately A$6.5 billion (US$5 billion). In 2004, Business Review Weekly magazine estimated Packer’s net worth at A$6.5 billion. Some sources place the figure as high as $6.9 billion. He was listed by Forbes as the 94th richest person in the world, with a fortune of US$5 billion.
Quick Facts
| Detail | Information |
|---|---|
| Full Name | Kerry Francis Bullmore Packer |
| Date of Birth | December 17, 1937 |
| Date of Death | December 26, 2005 |
| Age at Death | 68 years old |
| Place of Birth | Sydney, Australia |
| Nationality | Australian |
| Profession | Media Tycoon, Businessman |
| Known For | Nine Network, World Series Cricket, Crown Casino |
| Spouse | Roslyn Weedon (m. 1963) |
| Children | Gretel Packer, James Packer |
| Net Worth (2005) | Estimated A$6.5 billion – $6.9 billion |
Who Was Kerry Packer?
Kerry Packer was an Australian media tycoon and one of the most powerful and influential figures in the country’s history. He inherited a media empire from his father, Sir Frank Packer, and expanded it into a multi-billion dollar conglomerate spanning television, publishing, and gaming. He was the chairman of Australian Consolidated Press and the Nine Network, which were later merged to form Publishing and Broadcasting Limited (PBL).
Outside Australia, he was best known for founding World Series Cricket in 1977, a breakaway competition that revolutionized the sport by introducing colored clothing, white balls, floodlights, and significantly better pay for players. He was a prodigious gambler, a heavy smoker, a philanthropist, and a brutal businessman who was described as “vast, superhuman, angry, and unstoppable.”
Early Life and Family Background
Kerry Francis Bullmore Packer was born on December 17, 1937, in Sydney, Australia. He was the second son of Sir Frank Packer and Gretel Bullmore. His father was a notoriously tough and tyrannical newspaper proprietor. His grandfather, Robert Clyde Packer, had started the family’s media empire, and his mother was the daughter of Scottish rugby union player Herbert Bullmore.
Packer attended several elite schools, including Geelong Grammar School, Cranbrook School, and Canberra Grammar School. However, he struggled academically, likely due to undiagnosed dyslexia. He was, however, an accomplished sportsman, participating in boxing, cricket, and rugby. His father considered him “the idiot son” and favored his older brother, Clyde Packer, which created a lifelong rivalry between the brothers.
Career: Building a Media Empire
The Early Years
Kerry Packer entered the family business, Australian Consolidated Press (ACP), in 1956 at the age of 19. He worked as a junior executive and learned the business from the ground up. His father’s death in 1974 marked a turning point. Packer took over the running of the conglomerate, which was valued at around $100 million at the time.
Expanding the Empire
Packer was a visionary who saw the potential of television and satellite broadcasting before most others. Under his leadership, the Nine Network became the dominant television broadcaster in Australia. In 1987, he made a shrewd move by selling the Nine Network to entrepreneur Alan Bond for $1 billion. When Bond’s business empire collapsed three years later, Packer bought it back for a quarter of the price.
He also diversified into gaming and casinos, acquiring a controlling stake in Melbourne’s Crown Casino. In 1994, he merged his media and gaming interests into Publishing and Broadcasting Limited (PBL). He had investments in property, agriculture, ski resorts, and shipping.
World Series Cricket
In 1977, Packer took on the cricket establishment. Unable to secure exclusive television rights to Test cricket in Australia, he signed the world’s top players to play in a breakaway competition called World Series Cricket. The competition introduced revolutionary changes: colored clothing, white balls, floodlights, and day-night matches. Initially dismissed as a “farce” by critics, it was a commercial success and forced the cricket establishment to modernize. It is considered one of the most significant events in the history of the sport.
The Super League War
In the 1990s, Packer engaged in a bitter war with fellow media mogul Rupert Murdoch over the television rights to rugby league. Murdoch’s News Corp launched the Super League competition, leading to years of legal battles and a split in the sport. The war ended in 1997 with a peace deal that saw Packer’s Channel Nine secure the rights to broadcast the game.
Personal Life
Family
Kerry Packer married Roslyn Weedon on August 30, 1963. They had two children: a daughter, Gretel Packer, and a son, James Packer. His son James inherited the family empire after his death.
Health and Near-Death Experiences
Packer’s health was a constant battle throughout his life. He had a cancerous kidney removed in 1986. In 1990, he suffered a massive heart attack while playing polo. His heart stopped for seven minutes, and he clinically died before being resuscitated. After the incident, he famously commented, “The good news is there’s no devil. The bad news is there’s no heaven. There’s nothing.” He had a heart bypass operation in 1991. In 2000, he received a kidney transplant from his helicopter pilot, Nicholas Ross.
Gambling
Packer was famous for his prodigious gambling. He was rumored to have lost £13 million in a three-day session in Las Vegas. He was also known to have won and lost enormous sums at the card tables.
Kerry Packer Net Worth: How He Built His $6.5 Billion Fortune
Kerry Packer’s net worth was estimated at A$6.5 billion (US$5 billion) in 2004. At the time of his death in 2005, some sources estimated his fortune at $6.9 billion. He was ranked by Forbes as the 94th richest person in the world.
| Source | Estimated Net Worth |
|---|---|
| Business Review Weekly (2004) | A$6.5 billion |
| The Age (2005) | $6.9 billion |
| Forbes (2005) | US$5 billion |
| The Guardian (2005) | US$5 billion (£2.8bn) |
| NNDB | US$6.5 billion |
Sources of Wealth
Nine Network: Packer owned the Nine Network, Australia’s most successful television broadcaster.
Australian Consolidated Press: The publishing company produced some of Australia’s most popular magazines, including The Australian Women’s Weekly and The Bulletin.
Publishing and Broadcasting Limited (PBL): The merged entity combined his media and gaming interests.
Crown Casino: He held a controlling stake in Melbourne’s Crown Casino.
Real Estate and Agriculture: Packer owned extensive farmland, ski resorts (including a 75% stake in Perisher Blue), and prime investment properties in Sydney and Melbourne.
Foxtel: He held a share in the Foxtel cable TV network.
Betfair: He recently acquired a 50% stake in Betfair’s Australian and New Zealand operations.
Assets
Ellerston: The Packer family’s 480-acre country estate in the Hunter Valley, where Packer is buried.
Bellevue Hill Mansion: Packer’s primary residence in Sydney, a grand estate in one of the city’s most exclusive suburbs.
West Sussex Estate: A 480-acre estate in England, complete with polo fields.
Interesting Facts About Kerry Packer
- Kerry Packer was born on December 17, 1937, and died on December 26, 2005, at the age of 68.
- He was the richest man in Australia at the time of his death.
- He founded World Series Cricket in 1977, revolutionizing the sport.
- He sold the Nine Network for $1 billion in 1987 and bought it back for a quarter of the price three years later.
- He clinically died for seven minutes during a heart attack in 1990.
- He once lost £13 million in a three-day gambling spree in Las Vegas.
- He received a kidney transplant from his helicopter pilot in 2000.
- He had a heart bypass operation in 1991.
- He was known for his brutal negotiating tactics and once said, “This is my time,” during a business negotiation.
- He was posthumously inducted into the Sport Australia Hall of Fame in 1992 for his contributions to Australian sport.
- He owned a 75% stake in the Perisher Blue ski resort.
- His father, Sir Frank Packer, considered him the “idiot son” and favored his brother Clyde.
- He survived a plane crash in the 1970s.
- He had a famous rivalry with fellow media mogul Rupert Murdoch.
- He was a heavy smoker throughout his life.
Frequently Asked Questions
What was Kerry Packer’s net worth?
Kerry Packer’s net worth was estimated at A$6.5 billion (US$5 billion) in 2004. At the time of his death in 2005, some sources estimated his fortune at $6.9 billion.
How old was Kerry Packer when he died?
Kerry Packer was 68 years old when he died on December 26, 2005.
Who was Kerry Packer?
Kerry Packer was an Australian media tycoon who owned the Nine Network, Australian Consolidated Press, and Crown Casino. He was also the founder of World Series Cricket.
Who inherited Kerry Packer’s fortune?
Kerry Packer’s fortune was inherited by his son, James Packer.
What was World Series Cricket?
World Series Cricket was a breakaway cricket competition founded by Kerry Packer in 1977. It introduced colored clothing, white balls, floodlights, and significantly better pay for players.
Was Kerry Packer married?
Yes, Kerry Packer was married to Roslyn Weedon. They married on August 30, 1963.
How many children did Kerry Packer have?
Kerry Packer had two children: a daughter, Gretel Packer, and a son, James Packer.
What did Kerry Packer die from?
Kerry Packer died from kidney failure on December 26, 2005, after a long battle with illness.
Was Kerry Packer a gambler?
Yes, Kerry Packer was a prodigious gambler. He was rumored to have lost £13 million in a three-day session in Las Vegas.
Where is Kerry Packer buried?
Kerry Packer is buried at the Packer family estate, Ellerston, in the Hunter Valley, New South Wales.
Conclusion
Kerry Packer’s journey from the “idiot son” of a newspaper magnate to the richest man in Australia is one of the most extraordinary stories in business history. With an estimated net worth of A$6.5 billion, he built an empire that dominated Australian media, television, and gaming for decades. He was a visionary who transformed cricket, a ruthless negotiator who outmaneuvered his rivals, and a gambler who lived life on his own terms.
His legacy is complex. He was admired for his business acumen and his contributions to Australian sport, but he was also feared for his brutality and his contempt for his rivals. He once said, “This is my time,” and indeed, it was. He was a man who lived by his own rules and left an indelible mark on the nation.
Kerry Packer was not just a media mogul; he was a titan of Australian business and a man whose influence will be felt for generations.
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