Billionaire businessman and yachtsman, Bob Oatley, has died aged 87 following a long illness.
The winemaker and owner of record-breaking Sydney to Hobart yacht, Wild Oats XI, passed away on Sunday, according to reports.
His supermaxi yacht has dominated the event since 2005, claiming the win eight times as well as holding the race record.
Mr Oatley, who was one of Australia's wealthiest men, has been remembered by friends and members of the sailing community as 'an incredibly gracious and generous man'.
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Billionaire businessman and yachtsman, Bob Oatle (main), has died aged 87 following a long illness
He was listed at number 49 on last year's BRW Rich List, with an estimated wealth of $1 billion, but Forbes estimated his net worth to be $910 million.
The pioneering businessman made his fortune in the wine industry, selling his successful Rosemount wine business to Southcorp for a reported $1.5 billion in 2001.
He founded Rosemount Estate in 1969 in NSW's Hunter Valley and sold his first vintage in the early 1970s.
Over the next 30 years, Rosemount became the second-biggest-selling Australian wine brand in the US and Australia's largest family-owned winery.
Mr Oatley established an award-winning resort on Hamilton Island, pictured with his two sons, Andrew (left) and Ian
Mr Oatley was also crucial in bringing world attention to the Sydney to Hobart Yacht race, with his yacht claiming the trophy a record eight times, pictured before the race in 2014
When Mr Oatley sold the business in 2001, he used $200 million to purchase the world-renowned tourist haven Hamilton Island in Queensland.
He established an award-winning resort on the island which was named 'The Best Resort in the World' in the Condé Nast Traveler Readers' Choice Awards.
Mr Oatley was also crucial in bringing world attention to the Sydney to Hobart Yacht race, with his yacht claiming the trophy a record eight times.
Sadly, he passed away just weeks after the race which saw his 'beauty', Wild Oats XI, retire from the event with a torn mainsail.
The yachtsman passed away on Sunday, pictured at the launch of the new AC45 catamaran on Sydney Harbour in March 2014
The pioneering businessman made his fortune in the wine industry, selling his successful Rosemount wine business to Southcorp for a reported $1.5 billion in 2001
When his yacht won the race in 2014, he said he wouldn't miss the 2015 event for 'the world', but he was reported to be ill in the build-up.
Mr Oatley is survived by his wife, Valerie, and three children.
He was named as an Officer of the Order of Australia in the 2014 Australia Day honours for his service to wine and tourism industries as well as to the sport of yacht racing.
'Bob contributed so much to Australian sailing over so many decades,' Yachting Australia president Matt Allen told the Daily Telegraph.
'He introduced many to the sport via his campaigns with a series of Wild Oats' and the impact of the Hamilton Island regatta has been unbelievable.
'He will be missed, on and off the water as an incredibly gracious and generous man.'
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