James Packer sells his Vaucluse home La Mer for record $70 million to Chau Chak Wing

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The home named La Mer owned by billionaire and casino tycoon James Packer was sold for about $70 million
It was sold last week, covers 3,345sqm and boasts views of Sydney Harbour in the eastern suburb of Vaucluse
La Mer's sale broke the previous record set in 2013 by Altona in Point Piper, which sold for a cool $52 million
The new owner of the home is Dr Chau Chak Wing - an Australian-Chinese property developer worth $1 billion

By Louise Cheer for Daily Mail Australia

Published: 17:54 EST, 5 August 2015 | Updated: 00:01 EST, 6 August 2015

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The mystery new owner of billionaire James Packer's sprawling compound in Sydney's exclusive eastern suburb of Vaucluse has been revealed as a well-known businessman who is reportedly worth $1 billion.

Dr Chau Chak Wing, who owns Chinese property development company Kingold Group, has bought the extensive 3,345sqm estate, named La Mer, for at least $70 million - the most ever paid for an Australian property, a source confirmed to Daily Mail Australia.

The Australian-Chinese tycoon is best known for being the namesake of a recently completed building on campus at the University of Sydney, Technology (UTS), which was designed by world-renowned architect Frank Gehry.

The Wentworth Road in Vauclause property smashed the previous sales record by $20 million, reportedly selling for $70 million. It is pictured here before renovations

Dr Chau Chak Wing (left) has been revealed as the buyer of the sprawling estate that was owned by James and Erica Packer. A building on the UTS campus (right), which was designed by Frank Gehry, was named for him

The building was named for Dr Chau - one of China's richest men - after he donated $20 million for campus development and a further $5 million for scholarships to the institution.

His connection with UTS was forged after his son, Eric, studied architecture at the university.

Dr Chau came in as number 220 on Forbes' 2014 China Rich List, with his estimated net worth to be $1 billion, and his daughter, Winky Chow, used to work for former foreign minister Bob Carr.

His Kingold Group also extends its business interest into the media, education and tourism industries.

Billionaire James and Erica Packer lived there in 2013 following La Mer's completion before their break-up was announced

The 3345sqm property boasts views of Sydney Harbour and a large pool area, with Mr Packer spending three years renovating the home

Its sale smashed the previous sales record of Altona in Point Piper by $20 million, which sold for a price tag of $52 million in 2013

While Dr Chau lives mostly in China, his wife and children reportedly call Sydney home and they may soon be enjoying the benefits of what their new house has to offer.

La Mer boasts views of the Sydney Harbour along with a glassed-in garden area, a home gym and workout room, a cinema that fits 20 people, an elevator and a garage with 20 car spaces,The Daily Telegraph reported.

The Wentworth Road property, which was bought by Mr Packer back in 2009 from Manoc Developments to build his family home, was advertised through international real estate agents Christie's and Sotheby's, and sold last week.

It smashed the previous sales record of Altona in Point Piper by $20 million, which sold for a price tag of $52 million in 2013.

La Mer was meant to be the couple's first family home with their three children - two-year-old Emmanuelle, five-year-old Jackson and eight-year-old Indigo.

Mr Packer paid $18 million for the main house, which was designed and lived in by renowned architect Guilford Bell, and then bought the houses behind the property in the following year.

Each of those purchases on Vaucluse Road were a cool $5.5 million and $6.5 million.

La Mer's $70 million price tag will reportedly just cover the costs of Mr Packer's lavish three-year renovation of the compound.

Mr Packer (above with Erica Packer) paid $18 million for the main house, which was designed and lived in by renowned architect Guilford Bell

La Mer's $70 million price tag will reportedly just cover the costs of Mr Packer's lavish three-year renovation of the compound

This is one of the homes behind the compound Mr Packer bought to extend the property to reach its sprawling size now

Each of those purchases on Vaucluse Road were a cool $5.5 million and $6.5 million, and were bought off Manoc Developments

The home has since been left empty following the couple's 2013 split as both continue to live overseas, with the billionaire looking to expand his casino empire and Ms Packer making a home in Los Angeles.

The sale was jointly made by Christie's International principal Ken Jacobs and Sotheby's International principal Michael Pallier who both did not wish to comment when approached by Daily Mail Australia.

But the latest disposal will barely leave a hole in the billionaire's bursting property portfolio, with Mr Packer still the owner of a Bondi penthouse - which he put on the market for $22 million earlier this year - and his recent acquisition of a home in Tel Aviv in Israel.

Since going their separate ways, the Packers seemed to have found new loves.

Earlier this year, Mr Packer made international headlines when he debuted his romance with US pop diva Mariah Carey.

But his estranged wife almost upstaged the father of her children's new flame by going public with supermodel Heidi Klum's ex-husband, Seal.

Erica's ex-husband James Packer enjoys holiday with Mariah Carey