James Packer has bought a 9.4% stake in US real estate database Zillow immediately after its co-founders Richard Barton and Lloyd Frink and CEO Spencer Rascoff...

Tom McKay

James Packer has bought a 9.4% stake in US real estate database Zillow immediately after its co-founders Richard Barton and Lloyd Frink and CEO Spencer Rascoff announced they would be among the existing shareholders selling 2.5 million shares of the company as part of a secondary stock offering. Forbes says It is fair bet that Packer is betting that real estate will be the same kind of electronic marketplace that has eliminated travel agents and dented the incomes of stockbrokers and car dealers. His sights must be trained on the estimated $69 billion in commissions that could slowly evaporate if Zillow does to real estate what Amazon did to books or Expedia to travel. It could be a long haul, but Packer is not a man in a hurry. (VIEW LINK)


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