Australian wine veteran Bob Oatley dies

Oatley was ranked 34 on the Forbes Australia’s Richest People’s list with an estimated net worth of 910 million Australian dollars (633.83 million US dollars).

Mr Oatley, who made his fortune in the wine industry when he sold his Rosemount Estate brand to Southcorp for a reported $1.5 billion in 2001, was also the owner of Hamilton Island in the Whitsundays and is credited with bringing the “tired” resort back to life. Known affectionately to all as Bob, he was a proud and passionate Australian recognised for his outstanding contributions to the Australian wine, tourism, coffee, sailing and thoroughbred horse industries. The multi-millionaire entrepreneur founded Rosemount Estate winery in 1969 and expanded it as a private company over three decades. He will be remembered as a pioneer of the industry in the Hunter Valley.

In 2003, the Oatley family bought Hamilton Island for $200 million, spending more than $350 million revamping it into a world-class luxury resort.

The resort he established on the island has received a host of global awards including being named “The Best Resort in the World” in the Condé Nast Traveler Readers’ Choice Awards.

Despite his many great achievements in the business world, it was his yachting victories that Mr Oatley cherished most.

Wild Oates XI won the iconic Sydney to Hobart race for the eighth time in 10 years in 2014, but had to pull out of the Boxing Day race last month due to damage to the mainsail caused in bad weather.

At the time, Mr Oatley said he was exceptionally humbled by the recognition.

His death was announced in separate statements on Sunday by Matt Allen, president of Yachting Australia, and John Cameron, Commodore of the Cruising Yacht Club of Australia.

His convict ancestor, James Oatley, was Australia’s first clockmaker, according to Forbes magazine.

Mr Oatley leaves behind his wife, Valerie, daughter Ros and sons Ian and Sandy.