PHOTO: The property downturn hasn’t dimmed the fortunes of James Packer after he sold his Bondi Beach property for $29 million. Photo: Sahlan Hayes

For decades, Kerry Packer owned a couple of Woollahra properties known as his “grace and favour”, which were offered to family and friends in need. That largesse came to an end this week when his billionaire son James Packer put the last of them up for sale.

The curved residence on dress circle Rosemont Avenue is one of two bought by the late media magnate in 1965 for £36,000, and briefly considered as a matrimonial home by James and his former wife Erica more than a decade ago.