James Packer has given up the majority control over Crown Resorts to pay for the debt the casino mogul incurred after settling with his sister.

Packer’s privately held investment arm, Consolidated Press Holdings Ltd. (CPH), announced over the weekend that the billionaire has agreed to sell 35 million shares—representing about 4.8 percent of Crown’s issued share capital—at AUD12.80 apiece for a total of AUD448 million (USD338.29 million).

The businessman, who stepped down from his chairman post at Crown Resorts last year, holds 53 percent of the USD6.5 billion Australian company. Despite the sale, CPH will remain the largest shareholder of Crown Resorts—albeit with a slightly lower 48.2 percent stake.

Sources familiar with the matter told the Australian Financial Review that Packer’s decision to cash out a portion of his shares came after the businessman’s settlement with sister Gretel.