A bidding war has reportedly broken out after photographs of Packer fighting with hisformer best man were taken outside the mogul's Bondi home on Sunday afternoon, Fairfax media reports.
In a joint statement issued on Monday the two men said they still respected each other.
"We have been friends for 35 years and still are," they said.
"In that time we have had our fair share of ups and downs.
"We respect each other and neither of us will be commenting further."
Bondi resident Chris Walker, who says he witnessed the incident, tweeted about a "massive street fight" outside the Packer home on Sunday afternoon.
He later described the fight on his Facebook page.
A bidding war has ensured over photos that purport to capture the incident.
The Sydney Morning Herald online said that more than 50 images show Packer and David Gyngell throwing and receiving punches and wrestling on the ground on Sunday afternoon.
The Sydney Daily Telegraph said "a bidding war has broken out over sensational photos showing billionaire gaming mogul James Packer engaging in a fist fight with his former friend, head of Nine Entertainment Group David Gyngell".
The Herald said Gyngell was waiting outside Packer's house as the casino mogul was chauffeured home after arriving aboard his private jet at Sydney Airport.
It cited witnesses saying no pleasantries were exchanged when Packer saw him, but rather a flurry of profanities broke out before punches started flying. They were eventually pulled apart by a bodyguard, the newspaper said.
Reports said the pair's life-long friendship soured after Packer and his second wife, Erica, separated six months ago.
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