Ray Hadley recalls his amazing encounter with the late media mogul Kerry Packer.

Ray happened to be auctioning off the Olympic flag Dawn Fraser pinched in 1964.

“Prior to the auction someone from Mr Packer’s office contacted me and said ‘Mr Packer wants to bid on the flag,’” Ray says.

“’But he doesn’t want it to be obvious that he’s bidding on it so could you bid on his behalf?'”

He admits Mr Packer instructed him to offer up to $50,000 under the guise of anonymity.

But Ray reveals Mr Packer then returned the flag straight back to Dawn Fraser.

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Kerry Packer image: Getty/Rolls Press/Popperfoto