Billionaire James Packer has admitted his personal life is a “disaster” following his marriage breakdown to model and the mother of his three children Erica Baxter.

The 46 year old, who is worth an estimated $8 billion, split from Ms Baxter, 36, in September last year, after six years of marriage.

Soon after the split, Mr Packer was rumoured to be dating supermodel Miranda Kerr, although neither party has confirmed that they are an item.

James Packer and Erica Baxter. Photo: Getty

Ms Kerr, the ex-wife of Lord of the Rings star Orlando Bloom, has since been linked in media reports to Jersey Boy star Bobby Fox.

Reflecting on his life, Mr Packer admitted that he was far from perfect, but added that he was trying to do his best as a father and businessman.

“I’ve made a bunch of mistakes in my life. I’ve had my ups and downs,” he told US business magazine Forbes. 

“Business is good right now, but now my personal life is a disaster.”

Mr Packer and Ms Baxter married on the Cote d’Azur in 2007, in a lavish ceremony attended by Hollywood heavyweights such as Tom Cruise and his now ex-wife Katie Holmes, as well as home-grown personalities such as radio shock-jock Alan Jones and newspaper tycoon Rupert Murdoch.

Ms Baxter, who grew up in Gunnedah, NSW, is now based in Los Angeles, along with the couple’s children, Indigo, five, Jackson, three, and Emmanuelle, one.

Prior to his relationship with Ms Baxter, Mr Packer was married to swimwear model Jodhi Meares from 1999-2002.

Mr Packer’s empire includes casinos in Australia, Macau and Manila, Hollywood production company RatPac, and US real estate website Zillow.