Most of us can only dream about having $80 million let alone owning a single home worth $80 million!

But if you are a billionaire media and casino mogul then that is exactly what you can have.

James Packer has recently spent about $80 million on a Los Angeles home once owned by actor Danny DeVito. The lavish home located in Holmby Heights includes seven bedrooms, an eight car garage, all marble kitchen, pool, beauty salon, cigar room, cellar and private cinema on the 2700 sqm property.

Mr Packer has purchased the home to be closer to his family, ex-wife Erica Baxter and his children.