James Packer has ended his feud with his sister, Gretel. Picture: Getty
James Packer has ended his feud with his sister, Gretel. Picture: Getty

Packer ends long feud with sister

JAMES Packer has reportedly ended his feud with his sister, Gretel, with a $90 million peace offering.

The Australian reports that Mr Packer has signed over control of the family's polo estate, Ellerston, detailed in a new biography The Price of Fortune: The Untold Story of Being James Packer.

Gretel, James and Ros Packer in 2001. Picture: Supplied
Gretel, James and Ros Packer in 2001. Picture: Supplied

Things between Mr Packer and his sister became strained in 2015 when she hired lawyers to divide up the family fortune, angering her billionaire brother.

In September 2015 they agreed that Gretel would received $1.25 billion and a lump sum of $200 million, as well as smaller cash payments over time, in a deal negotiated with the help of the Packers' school friend, Will Vicars.

Will Vicars helped Gretel Packer take on her brother. Picture: Hollie Adams/The Australian
Will Vicars helped Gretel Packer take on her brother. Picture: Hollie Adams/The Australian

 

The Price of Fortune, The untold story of being James Packer. Picture: Supplied
The Price of Fortune, The untold story of being James Packer. Picture: Supplied

"Ellerston is a painful subject for me. Gretel has exclusive rights to it now and in the future will own it 100 per cent. It is where my father is buried. Will (Vicars) and Gretel won it from me," Mr Packer said, according to The Australian.

"Even though we have a framework arrangement that spans many years, I separately arranged, without obligation, to make funds available to Gretel and her children early. To do that put me under financial pressure."

James Packer's property at Ellerston, near Scone in the Hunter Valley. Picture: Supplied
James Packer's property at Ellerston, near Scone in the Hunter Valley. Picture: Supplied

"I accept at times my words were unforgivable to Gretel and Will. I hope my actions were better than my words," he said.

"I can understand my sister wanting to be bought out. I can understand my sister saying, 'James, Will Vicars is going to be a better custodian of my money than you.' I just wish we had all done it better, and I certainly take my share of the blame for that."

James and Gretel Packer have dinner at Rockpool Bar and Grill in Sydney. Picture: Richard Dobson
James and Gretel Packer have dinner at Rockpool Bar and Grill in Sydney. Picture: Richard Dobson

"My sister and I have made up. I want to thank David Gonski, Matthew Grounds and my mother for helping both Gretel and I make peace. I'm so happy. I love my sister," Mr Packer said.

Matthew Grounds helped the Packer siblings make up. Picture: Britta Campion
Matthew Grounds helped the Packer siblings make up. Picture: Britta Campion

 

Businessman David Gonski. Picture: AAP
Businessman David Gonski. Picture: AAP

Ms Packer said she was proud of her brother.

"I love my brother very much and am very happy that he and I have been able to negotiate this settlement," she said.

"I don't think there was ever going to be an 'easy' time for us to do this and it was always, more likely than not, going to be difficult. The short-term easier option would have been to leave it for our six children to work out … and that would have been unfair to them and lazy of us.

"The fact that we didn't take that route is something I think we should both be proud of," she said.

Gretel Packer at Crown Towers in Melbourne. Picture: Alex Coppel.
Gretel Packer at Crown Towers in Melbourne. Picture: Alex Coppel.

 

To read more visit The Australian



Keith Pitt calls on Department to 'come clean' over Tobruk

premium_icon Keith Pitt calls on Department to 'come clean' over Tobruk

Mr Pitt had previously criticised the government over the vessel

Top bowler Weier chases dream at the Gold Coast

premium_icon Top bowler Weier chases dream at the Gold Coast

Jacinta Weier has represented Queensland three years in a row.

Local Partners