James Packer is reportedly trying to sell off some of the favourite assets of his father, Kerry Packer - the vast cattle stations across northern Australia, where Packer senior used to enjoy fishing as well as pig shooting from his helicopter.

The Australian Financial Reviewreports that Mr Packer is in advanced negotiations with the private equity group Terra Firma of London, to offload his 90pc stake in Consolidated Pastoral Company.

The asking price for the company, which controls 17 cattle stations in Australia, was $425 million, the paper said.

The Consolidated Pastoral Company was formed in 1983 when the flagship Newcastle Waters Station in the Northern Territory was bought.

Since then, other stations in the Northern Territory, Western Australia, Queensland and NSW have been added, bringing to 5 million hectares, the amount of land the company owns.

The chairman, Ken Warriner, a close friend of the late Mr Packer, is reportedly planning to retain his 10pc share in the company.

Mr Warriner's son, Geoff Warriner, declined to comment on the report.

The late Mr Packer thoroughly enjoyed spending time on the stations with Ken Warriner.

"It is one thing that Kerry really liked about it, compared to television," Mr Warriner once said.

"He said, 'You guys tell each other everything. You've got nothing to hide; it's all open.'

"He had a lot of time for the people in the north because they copped it pretty tough."

A spokesman for Terra Firma did not return the Sydney Morning Herald's calls.

The Herald was unable to contact Mr Packer about the report.

Over the past two years Mr Packer has sold off almost all of his family's share of traditional media assets, including the Nine Network and Australian Consolidated Press magazines.