Bob Oatley dies, age 87

Australian winemaker, multi-millionaire and owner of Wild Oates XI Bob Oatley has died aged 87. In 2014 his supermaxi Wild Oats XI won the gruelling 628-nautical-mile event for a record-breaking eighth time.

Forbes ranked Oatley as the 34th richest person in Australia this year, with an estimated net worth of $910 million.

He was best known for his involvement with the champion Sydney to Hobart boat and as the owner of the Rosemount Estates wine company.

A long time supporter of Hamilton Island Race Week, Oatley bought the Hamilton Island resort for $200 million in 2004 and had since spent some $350 million making it into one of the world’s top island resorts. Oatley sold Rosemount wines for an extraordinary A$1.4 billion ($1.49b) in 2001 to Treasury Wine Estates, after building it up as a private company over three decades from meagre Hunter Valley beginnings in 1969.

Australian entrepreneur Bob Oatley has died.

He was also a significant force and funder of the Australian Sailing Team, which rose to be one of the most successful Olympic teams in the world under his patronage.

“The Oatley family has been touched by the many kind words and tributes that have already been received from friends, colleagues and the wider Australian community”.

Bob Oatley was appointed an Officer of the Order of Australia in the 2014 Australia Day Honours.

While Oatley and his family amassed most of their wealth in the wine business, he is well-known for investing in a range of industries.

‘Twice he got the triple, line honours and broke the record both times. He planned to send a team to compete in the America’s Cup before pulling out in 2014, citing cost concerns.

Oatley’s entrepreneurial success began in the 1950s and 60s when he exported coffee and cocoa beans around the world from Papua New Guinea.

Oatley is survived by his wife Valerie and three children Sandy, Ian and Ros.

Forbes magazine estimated Oatley’s fortune at $910m in 2015.