The Buzz | Packer sells Sydney mansion for Aussie record

Casino billionaire James Packer sold his Sydney harborside mansion for a reported A$60 million (USD44 million), a new record in Australia’s biggest city.
The six-level La Mer property in the suburb of Vaucluse owned by Packer and his former wife sold in the past week for a record price for any home in Australia, the Daily Telegraph reported yesterday, without giving the source of the sale price. Fairfax Media reported it sold for A$70 million to Australian-Chinese billionaire businessman Chau Chak Wing. Surging home prices in the nation’s biggest cities following the central bank’s two interest-rate cuts this year to a record-low 2 percent have sparked fears of a property bubble