Packer's latest plaything

Casino magnate James Packer bought the second Mangusta 165 to come out of the Italian shipyard last year and now, after a summer cruising the smartest ports in the Med, the giant open yacht has reached Australia.

The yacht, the largest open-style motor yacht in the world, was spotted heading out of Newcastle this week after being recommissioned following its voyage as deck cargo on a freighter from Europe. The yacht is expected to be permanently based Sydney but will probably be seen up and down the east coast with the changing seasons.

Named Z-Ellerston after Packer's Hunter Valley property and his world-class polo team, the 165 foot yacht is driven by three, 4446hp engines that give it a top speed of 37 knots.

While he was waiting for the $50 million yacht to be launched, Packer was given a Mangusta 107 by the building company to keep him happy. The smaller boat is now expected to sold on the Australian or Asian markets rather than being shipped back to Europe.

Packer now has two large nautical playthings, the Mangusta and the 270 ft Arctic P, the ice strengthened oil platform supply vessel that was converted to a private cruiser by his father, the late Kerry Packer. Arctic P, which Kerry Packer kept circling the world, has been located in the Tahitian islands for the past two years and has been used as a floating holiday home for the Packer family and their friends.

From a distance, Z-Ellerston looks like sleek sports cruiser. It is only when observers get closer that its vast size becomes apparent. There are enormous deck spaces for entertaining, dining and sunning -- but below there is another world.

There are five double cabins, all with ensuites, for the owner and his guests and four crew cabins and a separate crew mess. A vast saloon, with separate formal dining room, opens onto the aft deck. Built into the stern is an opening garage for a speedboat and personal water craft.