Explosive photos have emerged of billionaire James Packer trading blows with former best man David Gyngell outside the gaming mogul's home in Bondi Beach.
The photos show the pair throwing punches and eventually wrestling each other to the ground before being separated by men who appeared to be Packer's bodyguards.
According to Fairfax, a medical professional shortly attended Packer's multi-million dollar waterfront home while Gyngell retreated to his own home.
Fairfax reports that Gyngell, who is also the head of Nine Entertainment Group, was waiting outside Packer's house on Sunday afternoon as the gaming mogul was chauffered from his private jet at Sydney Airport.
Witnesses have reported that a flurry of profanities erupted as soon as the pair locked eyes and the following brawl left passers-by stunned.
A witness said he saw the two men "fighting like dogs" in the street, according to reports.
A Channel Nine news truck was reportedly parked near Packer's home, with rumours circulating Packer was under the assumption that he would be greeted by a news crew over a long-simmering tension between the two men.
The gambling billionaire and the Channel Nine chief executive responded to reports of the punch-up with a joint statement saying that they remain "friends".
"We have been friends for 35 years and still are," the statement read.
"In that time we have had our fair share of ups and downs.
"We respect each other and neither one of us will be commenting further."
Packer's life-long friendship with his former best man reportedly soured after he ended a seven-year marriage from his second wife, Erica, after Gyngell confronted him about it.
A spokeswoman said Nine would issue a statement
At least 50 photos show the two men facing off at each other as the confrontation begins. They show a giant James Packer towering over the small, bearded Gyngell, who wasn't wearing any shoes.
The two men begin grappling and wrestling each other to the ground, where Packer is on top and secures Gyngell in a headlock. Seconds later, another man grabs packer around the mouth in a bid to pull him away.
As Packer walks away, Gyngell remains, looking shaken.
Bondi resident Chris Walker, who claims to have 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.
"Holy crap, big street fight outside my house...Not thugs, James Packer ... And some other angry bloke going toe to toe - total brawl ... Wow".
"Packer packed a punch but copped a couple of hits straight to the jaw... Then they all fell on the concrete fence and I think the other guy broke his face ... They were looking for teeth after he left."
Packer is one of Australia's richest men, with Forbes recently estimating his net worth at $6.4 billion, and he has aggressively sought to expand his casino business into Asia and the United States.