The new owner on James and Erica Packer's mansion La Mer is a Chinese Billionaire businessman.
Dr Chau Chak Wing owns a Chinese property development company known as Kingold Group, has bought the 3,345sqm property for about $70 million.
According to the Domain, Dr Chau is well-known for his $20 million donation to fund the Frank Gehry-designed Dr Chau Chak Wing Building of the University of Technology, Sydney.
The Guangzhou property developer was ranked as #220 on Forbes China's Rich List, with a net worth of $1 Billion.
His Kingold Group extends business interest in media, education and golf resorts.
Dr Chau's daughter Winky Chow is currently running the Chinese newspaper Australian New Express.
Although, Dr Chau is an Australian resident, the businessman mostly lives in China. His wife and children living in Sydney at the $3 million worth mansion, which was purchased in 1995.
La Mer had more than $11 million starting point renovation, intended as the Packer's matrimonial home. But the Wentworth Road was left unoccupied since 2013 after the couple's split announcement, the Daily Telegraph reports.
In the couple's divorce settlement, Ms Baxter reportedly had given the property. But due to legal documents which was signed by Erica in 2013, Ms Baxter has the right to the half of the ownership.
La Mer reportedly has a cinema room that fits 20 people, gym and workout room, elevator and a huge garage that can fit 20 cars.
Mr Packer first bought the main house for $18 million, which was designed by renowned architect Guilford Bell. In the following year he bought the houses behind the property.
As for the ex-couple's personal affair, Mr Packer is reportedly dating Us pop diva Mariah Carey. His estranged wife, Ms Baxter is going out with Heidi Klum's ex- husband, Seal, the Daily Mail reports.
