Beverly Hills just witnessed its most expensive real estate transaction of 2025. Australian billionaire James Packer sold his stunning mansion in the prestigious Wallingford Estate for a jaw-dropping $60 million—a deal that not only makes headlines but also sheds light on the evolving dynamics of Los Angeles’ ultra-luxury housing market.
A Property Built to Impress
Nestled in one of Beverly Hills’ most sought-after gated communities, this estate is more than just a home—it’s a statement. Spanning over 25,000 square feet, the residence boasts a contemporary architectural design, soaring ceilings, floor-to-ceiling windows, and a seamless connection between indoor and outdoor living spaces.
Among its standout amenities are a private cinema, a state-of-the-art gym, tennis court, resort-style pool, and expansive terraces with sweeping views of the city. All of this sits on more than five acres of land, surrounded by lush landscaping and unmatched privacy.
Who Is James Packer—and Why Did He Sell?
James Packer is widely recognized as a casino mogul and heir to one of Australia’s most influential media empires. Over the years, he’s owned properties around the world, but this sale marks a turning point as he continues to scale back his U.S. real estate footprint.
Reportedly, the sale is part of a broader financial strategy to consolidate assets. Packer originally acquired the estate in 2018 and undertook significant renovations before listing it for sale.
What This Means for California’s Luxury Market
While many regions in California are seeing a slowdown in activity, the ultra-luxury segment in Los Angeles continues to move on its own terms. This record-setting deal proves that high-net-worth buyers are still eager to invest in prime real estate—particularly when it offers exclusivity, privacy, and iconic location.
It also reinforces California’s enduring appeal to international buyers, many of whom still view the state as a stable, prestigious, and desirable location for long-term real estate investments.
A Ripple Effect Across the Market
Although a $60 million estate is out of reach for most, high-profile sales like this one tend to create ripple effects across the broader market. They raise the prestige of the neighborhood, attract developers, and reaffirm Beverly Hills’ status as one of the most solid and iconic luxury housing markets in the world.
Even if you’re not buying into the Wallingford Estate anytime soon, tracking the moves of elite players like Packer can offer insights into market trends, emerging opportunities, and the direction the industry may take in the months to come.
