Fighting the shadow of his late father, once Australia’s richest man, casino mogul James Packer is now facing his third financial crisis—and the meltdown of his planned third marriage, to Mariah Carey.‘He’s the biggest fish there by a mile.He’s like royalty,” says a longtime friend of Australian billionaire James Packer.(He is one of the three partners, along with director and man-about-town Brett Ratner and Steven Mnuchin—Donald Trump’s pick to be the new Treasury secretary—in Rat Pac-Dune Entertainment, the film-financing entity behind such hits as .) As he fights to salvage his reputation and his love life, and tries to weather a bout of intense and unpredictable risk to his business empire, James has gone silent with the press.In past moments of crisis, according to Packer’s longtime friend, he could barely function, ate poorly, put on weight, and sought to sell whatever assets he had in order to stay afloat. “You wouldn’t recognize him as a human being.”Ironically, last year started out well enough for Packer." The pair famously called off their engagement in October 2016. Mariah Carey used the music video for her song “I Don’t” to send a heated message to her ex-fiancé, Australian billionaire businessman James Packer — by setting fire to the wedding dress she never wore.“They have a connection that is unparalleled,” a source told E! “It’s been a very beautiful experience for them both.”They were photographed together on the red carpet at film premieres, and the paparazzi followed them on Capri, on the streets of Portofino, and coming off his yacht in Mykonos. She is 46 and has five-year-old twins; he is 49 and has three young children.
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“His self-esteem is the net present value of his assets,” another friend once observed.
As 2016 ended, Packer was spending a lot of time holed up at Ellerstina, his spectacular polo ranch outside of Buenos Aires, licking his wounds, far from the Hollywood limelight he has recently sought so assiduously.
Now, he's revealing just how uncomfortable he was during their 18 months together.
In an interview with said he was at a "low point in my personal life" that stemmed from an estranged marriage, mounting debt and an inheritance dispute with his sister. But it was a mistake for her and a mistake for me." He did not reconcile with his wife Erica, but says they are currently co-parenting well.