Chinese business man bought James Packer's $70 million Sydney mansion

The $70 million buyer of James and Erica Packer's Vaucluse mega-mansion is well-connected Australian-Chinese billionaire businessman Chau Chak Wing, as Domain revealed.

Dr Chau is best known for his $20 million donation to build the landmark Frank Gehry-designed Dr Chau Chak Wing Building of the University of Technology, Sydney.

James and Erica Packer have sold their Vaucluse mansion for $70m - a new Australian house price record.

Dr Chau is predominantly based in China. His wife lives in Sydney at the $3 million waterfront mansion they bought at Hunters Hill.

The Guangzhou-based property developer was ranked China's 220th richest in the latest Forbes rich list, with business interests in media, education and golf resorts.

The $70 million deal for this vast six-storey monolith in Sydney's eastern suburbs sets a new Australian house record.

Having outlaid $30 million to acquire the three properties that were amalgamated for the site in 2009 and 2010, Mr. James Packer spent an estimated $40 million on a mammoth extension of the original Guildford Bell-designed residence.

The redesign by Tzannes and Associates includes the six-bedroom main residence and underground parking for 20 cars, vast entertaining spaces and two self-contained staff quarters under the rooftop lawn and lap pool.

The non-waterfront sale tops the Australian high of $57.5 million set in 2009 for a Perth mansion and the Sydney record of $52 million set in 2013 when Chinese businessman Wang Zhijun bought the Point Piper waterfront Altona.

Source Credit: Fairfax Domain.com.au