James Packer checks on the progress of his beachfront mansion from his $200million luxury superyacht

Australian casino mogul and businessman James Packer was spotted on Thursday checking in on the progress of his $50million beachfront mega-mansion, that is being built in Mexico‘s Cabo San Lucas. 

The 52-year-old billionaire observed construction from the comforts of his $200million luxury superyacht, that was docked out the front of his stunning new property.   

In 2017, James purchased three oceanfront blocks of land, each for around $9.7million, to make room for the large project.

Construction on the pad in the resort town, that is popular with celebrities, started in December 2018. 

In December 2018 it was reported that among local residents, the compound had become a controversial topic with local Mexicans concerned they could lose access to the public beach.

Some ex-pats have also been voicing concerns over the size of the project.  

The home is located near the One & Only Palmilla resort and the only public beach in the area, where James’ good friend Karl Stefanovic got married. 

The billionaire already spends about three months a year at the exclusive resort, after being introduced to the town by former fiancée, Mariah Carey, 50.

James’ ex-wife Erica Packer, 42, now lives in Los Angeles with their three children, Indigo, 11, Jackson, 10, and Emmanuelle, seven. 

It was reported in 2014 that she splashed out $14.7million on a mansion in Bel Air. 

These days, James seems to be spending plenty of time living the good life on his superyacht.

The $200million vessel was finally completed in April last year, after taking four years to construct.

He named the impressive boat IJE – the first initial of his three children’s names, Indigo, Jackson and Emmanuelle. 

The yacht was built by Benetti in Livorno, Italy, and measures 108 metres in length, according to a report by The Sydney Morning Herald in April last year.

It’s been a roller coaster few years for the renowned investor, who has dealt with his share of setbacks in both his career and personal life.

Earlier this month, it was revealed his new $2.4billion Crown casino in Sydney won’t have a single pokie after a rival casino snapped up exclusive rights on Friday.

The Harbour City’s other casino, The Star, signed a deal with the New South Wales state government for sole rights to operate the revenue spinners for the next 21 years. 

Crown had been lobbying for years to remove a pokie ban at its Barangaroo site but was unsuccessful – leading The Star’s share price to jump by more than four per cent on June 1.

The coronavirus pandemic has also thrown Crown’s plan to target Chinese billionaires into disarray – leaving the company scrambling to drum up business by targeting RSL punters in Sydney’s west.

Crown Resorts, which operates casinos in Melbourne, Perth and London, had originally intended its Sydney operation to largely target international VIPs.

In January, however, the Morrison government banned visitors from mainland China because of the growing coronavirus pandemic. 

In April, Hong Kong gaming tycoon Lawrence Ho’s Melco Resorts ended its joint venture with Crown by selling its 10 per cent stake in the company – further damaging Crown’s ability to bring in wealthy Chinese gamblers.

Construction of Crown casino at Barangaroo is nearing completion with the $2billion building – the tallest in Sydney – scheduled to be finished before the end of 2020.

The venue will open its doors in February 2021 with 120 gaming tables and members only being allowed to place bets of a minimum of just $20 to $30. 

James currently divides most of his time between Aspen and Los Angeles and said he hopes to spend more time in Sydney once Crown is complete.

‘Having this hotel gives Crown three incredible resorts across the country, employing thousands of workers and attracting tourists from across the globe,’ he previously told Daily Mail Australia.

‘I grew up in Sydney and my kids still spend time here, it’s a beautiful place and I hope to spend more time visiting.’

James bought two floors of the building from Crown in 2017.

‘Crown has reached in-principle agreement with Mr James Packer to sell two floors of the Crown Sydney Residences at the Crown Sydney Hotel Resort to Mr Packer for $60million,’ a statement from the company at the time read.

‘The floors are located above the mid-levels of the Crown Sydney Hotel Resort.’

The high profile businessman said Barangaroo will be among the best precincts in the world once construction is complete. 

But it hasn’t always been easy, and in March 2018, James resigned as director of Crown Resorts, citing mental health issues.

‘We have appreciated James’ contribution to the Board and respect his decision to step down from his role as a director at this time,’ Executive Chairman John Alexander said at the time.

James has battled anxiety and depression for years, but the announcement was a rare public admission of his mental health struggles.   

‘I am happy now to live a quiet life, but I wanted to come back and see the progress at Crown Sydney with my own eyes,’ he later told Daily Mail Australia.

‘It’s even better than I imagined and, again, I am extremely thankful to the workforce who have got us to this point.’

In March 2018, shortly after he had resigned from the boards, he checked himself into a $35,000-a-week psychiatric hospital in the US.

In May 2019, he sold 19.99 per cent of his Crown Casino shares to Melco Resorts and Entertainment for $1.76billion.