I knew Billy and Grace in the early 1990s. Billy was in his early 40s. His father/family business had made money in oil. Grace and Billy lived in a large house in Gladwyne at the time. As a side note, their house was used in the filiming of Rocky III (I believe it was III). Here's the house:
http://www.zillow.com/homedetails/1077-Sentry-Ln-Gladwyne-PA-19035/9966541_zpid/#
It's shown at the beginning of the movie - Rocky gives a press conference and then goes home. They show his car pulling up to the exterior of the house. Then one or two interior scenes are shown with large fish tanks.
Billy and his friends were in their early 40s at the time and still partying like they were in their 20s. Billy and Grace had many great dinner parties which ended going into all night parties with lots of drinking, drugs, and sex.
At the time, Billy was having an affair with Meg. I'd sit at dinner parties with Billy, Grace, Richard Roe (Meg's husband at the time) and Meg. I knew, and many others knew, that Billy and Meg were having an affair. I don't know if Grace and Richard knew and chose to ignore it.
When Meg's mother passed away in 1992, Meg was left quite a bit of money, and she left her husband Richard.
Shortly after Meg left her husband, Billy left Grace to be with Meg and he and Meg lived together at a guest house on Packer Sr.'s estate in Blue Bell. The estate was located on the northeast side of East Skippack Pike between Butler Pike and Sheaff Lane. Eventually Packer Sr. sold the estate. Part was left as a large estate and part was developed into single family homes. I believe the street name was Dorsan Way (where the single family homes were built). Packer Sr. then moved into the home in Gladwayn.
Billy was quite a partier/philander and his personality too strong/overbearing for Grace. Grace drank a lot at that time probably to escape the whole situation. She eventually died of liver cancer. I did see Grace once in the later 90s. She was still abusing drugs at the time. It was somewhat common that women in these wealthy families to have too much time on their hands and turn to drinking/drugs.
Meg was older than Grace and a stonger personality. She was a force to be reckoned with and could deal with Billy. Meg was also more of an athlete and excellent golfer and was better suited for Billy who also golfed. Here's a recent photo of them I found online at an event for one of Meg's sons (with Richard):
http://www.sportsbusinessjournal.com/article/58496
Grace was quite a striking beauty, as was Meg. Grace's brother Chris was actually modeling in the 1990s.
Grace was very kind and opened her house to many great friends. It's tragic the way her life ended.