BUSINESS
02/18/2009 05:12 am ET Updated May 25, 2011

Billionaire James Packer Forced To Sell His Yacht, Triplex Apartment In Money Crunch

Even multibillionaires are feeling the pinch. James Packer, once Australia's richest man, has reportedly put his $50m yacht up for sale, postponed delivery of a $60m private jet and left a swimming pool complex at his family property half-built.

Mr Packer, 41, who inherited a fortune from his father, the media tycoon Kerry Packer, has seen the value of his assets halve in the past year, from $6bn to less than $3bn, according to the Sydney Sunday Telegraph. As a result, he is dismantling his playboy lifestyle. A three-level Mayfair apartment is also up for sale.

Read more on The Independent