It's nearly 20 years since Australian media mogul Kerry Packer died of kidney failure. Gone but not forgotten. Packer was an anomaly: an astute businessman, a gambler, an academic failure, a ruthless negotiator, and a generous man who put loyalty ahead of all else. For many years, the richest man in Australia.

If you thought the HBO drama Succession was over the top, take a look at the Packer dynasty. You ain't seen nothing yet.

Origins of an Oligarch

The Packer legacy starts in 1879, in Tasmania, with the birth of Robert Clyde Packer. 'R.C.' was a journalist who worked his way into senior editorial positions, before co-founding the tabloid newspaper Smith's Weekly. When he died at 54, he left his son Frank Packer all his publishing interests.

Frank Packer was the man to carefully nurture the seeds of a media empire. His son would make it blossom. Frank spent four years as a cadet journalist on the family newspaper, established several publications, formed Australian Consolidated Press, and became a significant network shareholder when television arrived.

Like Father Like Son?

"What was my father? What were my feelings towards him? I was a bit scared of him. He was a strong man. He was a just man. He wasn't a family man — he was a creator and he paid the penalty of all those who create. He devoted up to twenty hours a day to his business until he had built it."

Kerry Packer — on his father Frank

Frank Packer had two sons: Clyde and Kerry. The older brother Clyde was the heir apparent — until family politics killed the relationship. Younger brother Kerry was disregarded as a viable heir; nicknamed the 'boofhead' and 'the family idiot' by his own father. Utterly fed up, Clyde split completely in 1972, headed to California, took up surfing, sold his quarter-share of the family business, and married a model. He did good.

Solo Inheritance

With his brother out of the picture, Kerry Packer inherited the entire family estate in 1974 with an estimated value of $100 million. Packer freely acknowledged that he was not a 'self-made man.' He launched women's magazine Cleo in 1972 — sexy, sassy, controversial, and featuring nude male models. His father was vehemently opposed. Within two years, 30 percent of Australian women aged between 13 and 24 were buying it every month.

Packer founded World Series Cricket and the World Rugby Corporation, making both sports professional and lucrative. He also owned the Nine Network. In 1987, he sold the Nine Network to disgraced businessman Alan Bond for $1.2 billion — only to buy it back three years later for just $250 million. Still considered one of his most legendary deals.

Gambling

At the casino, Packer faced the same odds as any other player. The key difference was that Packer had pockets deeper than the Mariana Trench. A lucky run for Packer could be a disaster for any casino bold enough to take his money. The Ritz Hotel in London set aside a private room for Packer exclusively. Legend has it that Packer lost £19 million at the Ritz in a single weekend.

The Tip Guy
If you're a Las Vegas cocktail waitress or valet, Kerry Packer is the whale you want to catch. He bumped into a cocktail waitress, spilling her drinks, and apologised by paying off her mortgage. He gave the keys of his car to the parking valet and told him to just keep it. He once wanted to tip a blackjack dealer $80,000 in chips, was told it would have to be pooled with other staff, told the casino to fire her, gave her the tip personally, then told them to rehire her.
The Texan
Packer was playing blackjack alone at the Bellagio when a boisterous Texan insisted on joining him. "I'm a big player too. I'm worth $100 million." Packer coolly turned to him and said: "If you really want to gamble, I'll flip you for it." The Texan retreated quietly — officially considered in Texan parlance 'all hat and no cattle.' The story was confirmed by Mirage Resorts boss Bobby Baldwin.
The End of the Desert Inn
Golf legend John Daly revealed that Kerry Packer was responsible for hammering home the final nail in the coffin of the Desert Inn. Packer lost more than $8 million on the first day, paid cash. The following day, his fortune changed. He won more than $50 million and demanded cash back. The Desert Inn had to borrow money to pay him. According to Daly, this is where "Steve Wynn popped in there and built the Wynn."
The Packer Philosophy

"My father was a gambler. Every man who ever created anything was a gambler. I am, also, but there's a difference. What I risk on World Series Cricket is not going to put this company into jeopardy... What my father did was to take everything he had, all the prospects of everything he ever had, and put it on one roll of the dice."

Kerry Packer — 1978

Kerry Packer died of kidney failure in 2005. He had been clinically dead for seven minutes after a heart attack 15 years earlier. He said to a hospital visitor afterwards: "I've been to the other side, and let me tell you… there's nothing there. There's no one waiting there for you, there's no one to judge you, so you can do what you bloody well like."

Next Gen James

Kerry Packer's inheritance went to his two children: James and Gretel. Gretel takes after her uncle Clyde — a philanthropist and one of the most influential women in Australia. James rode the rollercoaster. Instead of playing at casino tables, he built and bought casinos with the Crown Resort Group. But mismanagement and bad business decisions made Packer a liability. He was forced to sell his $2.2 billion stake in Crown Resorts in 2022 when a New South Wales authority found him 'not suitable' to run a casino.

"I'm not as good a father as I should be. I don't spend as much time with my kids as I should... I am just trying to be more sensible and enjoy life more and be more relaxed."

James Packer

Having sold his share of the casino business, Packer is estimated to be worth $2.8 billion. In Succession, the Roy family is torn apart by greed and ambition. Maybe it is time for the Packer dynasty to take a back seat and enjoy the simple things.