Longtime friends, casino billionaire James Packer and Nine CEO David Gyngell, were photographed engaging in a public fist fight in Bondi yesterday afternoon, with reports the pictures have been sold to NewsLimited for $200,000.

Onlookers said Gyngell was waiting for 20 minutes for Packer to return home, where the two men exchanged profanities before the altercation became physical.

What prompted the fight remains unknown, however Fairfax Media reported the pair’s relationship became strained after Packer split from former wife Erica Baxter.

There are reportedly more than 50 photos in the set to be published in NewsLimited mastheads.

SEE ALL THE PICS of James Packer & David Gyngell’s punch-up http://t.co/3bnDnB8ELA (Exclusive) pic.twitter.com/3vwgecvCC6

— Herald Sun (@theheraldsun) May 5, 2014

A twitter parody account quickly appeared online after heavily watermarked versions of the pictures were published on News.com.au.

Up next, Miranda VS Wendi — NewsCorpWatermark (@NewsWatermark) May 5, 2014

It’s one of thousands of tongue-in-cheek tweets spreading across the internet trying to make sense of the punch-up and News Limited’s heavy-handed branding.

Seen in Bondi moments before the #PackerGyngell fight… pic.twitter.com/N6GA5SVeeC — Matthew Bevan (@MatthewBevan) May 5, 2014

I think there’s a photo behind all the watermarks MT @newscomauHQ: First pictures of Packer/Gyngell punch up pic.twitter.com/Fg9tymFd42 — James Hutchinson (@j_hutch) May 5, 2014

Do you guys like my new Twitter photo pic.twitter.com/Lxp549FbPx — Sam Downing (@samwdowning) May 5, 2014

That’s better RT @burgotastic: Not sure the watermark was prominent enough, helped them out a bit pic.twitter.com/3U7waLYM6I — Sleek Wookiee (@miss_shiny) May 5, 2014

Don’t Packer and Gyngell realise that they are too old to be Young Liberals? #PackerGyngell — Andrew Wright (@allrite) May 5, 2014

I love how fast #twitter moves sometimes @NewsCorpWaterma. #PackerGyngell — Olivia Clarke (@livviclarkey) May 5, 2014

There was also a wave of “first photos” claiming to be the images in question.

FIrst photo of the Packer/Gyngell brawl? pic.twitter.com/zaovsmi6uu

— Jenna Guillaume (@JennaGuillaume) May 4, 2014

This may or may not be the first image of the James Packer vs David Gyngell fight pic.twitter.com/iURKPkznTi

— Ric Allport (@SuperTriviaGuy) May 5, 2014

The billionaire businessman and the TV executive, who was best man at Packer’s wedding, issued a joint statement insisting they remain friends after news of the fracas broke.

“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.”

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.

“Holy crap, big street fight outside my house … Not thugs, James Packer … And some other angry bloke going toe-to-toe – total brawl … Wow.”

A witness told Ten News he heard Mr Gyngell yelling on a phone that he was waiting for Mr Packer, who arrived home a short while later.

No words were exchanged as the two “went at it hammer and tongs”, Ten said the witness told them.

The fight had to be broken up by Mr Packer’s security guards and a limousine driver.

The relationship between the two is said to have soured after Mr Packer separated from his wife Erica Baxter last year.

The incident also comes days after Miranda Kerr, with whom Packer has been rumoured to be romantically involved, returned to Australia on a promotional visit.

Other media reports suggest Mr Packer believed that a Nine satellite news van had been parked outside his house.