James Packer will receive an astronomical salary

James Packer will receive an astronomical salary as the Federal Court approves the $8.9 billion takeover by American private equity giant Blackstone, Crown Resorts.

James Packer will receive an astronomical salary as the Federal Court approves the $8.9 billion takeover by American private equity giant Blackstone, Crown Resorts.

That means the billionaire, who is Crown’s biggest shareholder, will pocket $3.36 billion on June 24 in exchange for his 37% stake in the company.

The court’s decision this morning was the final hurdle to approving the deal. Blackstone had already received the green light from the state governments of Western Australia, New South Wales and Victoria.

The takeover means Crown Resorts will become a private company and will no longer be required to report to the ASX.

It marks the end of an era for Mr Packer who first became involved with Crown in 1999, and is believed to have wanted an escape for many years.

It also comes after years of scandals at Crown, including jailed employees in China, and several investigations that found the casino operator enabled money laundering and links to criminal gangs.

The crown was one of only two stocks out of the top 200 companies on the Australian stock exchange which saw its share price rise in a bloodbath on Tuesday.

The deal will be finalized on June 24. That’s when Crown shareholders, including Mr. Packer, will be paid.

Packer’s 20 Hellish Years

Mr Packer’s big payout comes after two difficult decades for the tycoon, despite the enormous wealth he has accumulated.

It all started in 2001 when his One.Tel business venture ended dramatically and wiped out his personal fortune. He fled to the United States amid a complete meltdown.

The media spotlight shone brightly on media mogul Kerry Packer’s son due to the telecom company’s public meltdown.

His friends were so worried about him that they feared he would kill himself.

“When One.Tel collapsed, I met James at the Capital Golf Course. He was alone. He was absolutely sorry. He said to me, ‘I feel like a general without an army,’ said the former Premier of Victoria, Jeff Kennett, to author Damon Kitney in a biography of Mr Packer.

“Those words stuck with me. He then found himself in a terrible situation. He was absolutely suicidal at times.

Scientology and Tom Cruise

It was in the United States that Mr Packer found a way to cope with the fall of his world around him – Scientology – and he was brought into the church by none other than his poster boy and megastar Tom Cruise. . The couple became good friends, but Mr Packer has since walked away from the church.

It was also in 2002 that her two-year marriage to glamorous model Jodhi Meares broke down, sparking waves of headlines about their private life in gossip columns nationwide.

Mr Packer’s relationship with his father Kerry Packer – who was reportedly furious at his son’s business failure – also became strained that year.

Their relationship remained that way for many years until a call between them in 2005, in which the elder Packer told his heir apparent to chart his own path in life. The elder Packer died later that year, aged 68.

In the years that followed, Mr Packer took his father’s advice and moved away from his family’s traditional media businesses to focus on building a global gaming empire.

However, disaster struck again with the global financial crisis in 2008.

In 2009, it saw the value of its assets, including casinos, pay-TV channels, ski resorts and financial service providers, halve in one year, from $6 billion to less than $3. billions of dollars.

In addition to his financial setbacks, his private life has never really left the front of the stage. For the past few years, he has opened up about his alcohol addiction issues and revealed he had bipolar disorder in 2015.

Hollywood sex scandal

In 2013, he found himself embroiled in a Hollywood sex scandal after texts he had sent to his former girlfriend, young British actress Charlotte Kirk, were leaked.

According to texts between the couple, they met in November 2012 when she was 20 and he was 45.

In September 2013, he texted Ms Kirk, who was 21 at the time: “I have the opportunity of a lifetime for you. Come to (the Hotel) Bel air now. You can never pay me.

Mr Packer promised Kirk a meeting with “the most important man you can meet”. It was Warner Bros. CEO Kevin Tsujihara.

Over the next few years, according to hundreds of text messages obtained by The Hollywood Reporter, Kirk and the chairman of Warner Bros were involved in a sexual relationship in exchange for advancing the British actor’s career.

Packer’s Fist Fight

One of the mogul’s most public roller coaster lows was his first daytime fight on a Bondi Beach trail in 2014 with then-Nine chief executive David Gyngell.

The former best friends were seen brawling in the street outside Mr Packer’s multi-million dollar Bondi Beach pad in Sydney. Footage shows the men grappling aggressively, before falling to the ground in a headlock.

A witness told The Australian ‘it was like two rabid dogs at each other’.

Mr. Cyngell was waiting outside the property for Mr. Packer to return from the airport and engaged in a heated telephone conversation moments before Mr. Packer’s car arrived at the scene, repeatedly telling him that he was “going to hit him”.

The couple were to be separated by what appeared to be Mr Packer’s bodyguards and they later retired to their home, with a doctor at Mr Packer’s home.

At the time, the relationship between the childhood friends reportedly broke down after Mr Packer and his second wife Erica announced their separation six months earlier.

Ddisastrous relationship

Shortly after, in 2015, he began a whirlwind relationship with pop star Mariah Carey before getting engaged in January 2016.

Mr Packer popped the question in New York with a $10 million 35-carat ring designed by Wilfredo Rosado.

It was all downhill from there and the couple was plagued by damning news reports.

In September, headlines circulated they had a falling out while on vacation in Mykonos, Greece, with Ms Carey’s rep telling People at the time: “Mariah and James had a fight in Greece and no longer reviewed since. The fight was not due to allegations of cheating or overspending by Mariah.

By October they had called off the engagement and Ms Carey immediately left with American choreographer Bryan Tanaka.

It was reported at the time that the breakup was the result of Ms Carey’s extravagant spending and disagreements over her reality show Mariah’s World, but Mr Packer later said the relationship had simply been a ‘mistake’ of the two sides.

“I was at a low point in my personal life. Documenting negotiations with my sister was taking longer than expected,” Mr Packer told The Australian in 2017.

“She was kind, exciting and fun. Mariah is a woman of substance. But it was a mistake for her and a mistake for me.

The billionaire paid the music icon between A$6 million and A$13 million, with the deal having been completed over the past few months, TheBlast.com reported.

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