By Jonathan Samuels, Australia Correspondent
The messy scrap between two of Australia's highest profile figures, businessman James Packer and TV boss David Gyngell is being called the "billionaire Bondi brawl".
The undignified fist fight outside Mr Packer's mansion in the Sydney beachside suburb of Bondi happened on Sunday afternoon.
It may have gone unnoticed had a photographer not snapped the whole ugly episode complete with grappling, wrestling and punching between the two burly men who have been friends since they were at school together.
It was also filmed on a mobile phone, with all the images sparking a media bidding war.
Channel Nine TV boss David Gyngell has taken the blame for starting the fight, which is now being investigated by police.
Reports suggest an angry text message was sent before the brawl to Mr Gyngell from Mr Packer, a casino mogul and Australia's richest man.
In the text, Packer allegedly demanded his friend have removed a Nine Network news truck from outside his home.
Mr Packer, 46, had recently arrived back in Sydney from Jerusalem and Mr Gyngell, 47, is heard yelling in a video of the incident: "I didn't even know you were in ****ing Australia."
Mr Packer was seen on Tuesday with bruising around one eye.
Chris Walker, who is Mr Packer's neighbour, described the pair as fighting like "two crazy dogs".
The Nine Network broadcast a statement regarding the fight on Tuesday.
"David Gyngell respects the job police do and will co-operate fully with their investigation," the statement said.
"He also fully accepts that he was the instigator of the incident.
"Clearly, had he not turned up at Packer's premises in an angry mood, then the confrontation would never have occurred."
The pair were best men at each other's weddings and are high profile figures in Australia where there has been frenzied coverage of the incident.
Reports suggest tensions between the two have been simmering after James Packer split from his wife last year and has since been romantically linked with Australian super model Miranda Kerr who is currently in Sydney.
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