Qualia is one of Australia’s most exclusive resorts and, under the Oatleys, the annual Race Week has become one of Australia’s most glamorous events. The family has invested deeply in the island over the years, including more than $450 million upgrading the tourism facilities. The family was looking for about $1 billion for the island, although those close to the Oatleys said in September that the siblings had different ideas of what would be an acceptable price. His siblings, Ian and Rosalind, sit on the board, alongside ex-Virgin chief John Borghetti, former Deutsche Bank CEO John Macfarlane and Guido Belgiorno-Nettis. The island has since become part of Balmoral Australia, the Oatley’s family office, which is now run by Sandy Oatley.

Bob was a former coffee trader who made his first fortune selling Rosemount Estate to Southcorp for $1.5 billion.

Hamilton Island was first developed in the early 1980s and sold to Robert Oatley – better known as Bob – for about $200 million in 2003.

“This review has now completed and the Oatley family has decided to keep Hamilton Island in its ownership, under the leadership of its exceptional management team.” “Over recent months the Oatley family undertook a strategic review of the opportunities and ownership of Hamilton Island in response to approaches from third parties,” he said. On Monday, Hamilton Island chief executive Peter Brulisauer said the Oatleys had decided not to proceed with a sale. They pointed to the complexity of running multiple accommodation sites and the logistics of managing a small city.

Realtors warned at the time that such a sale could take at least a year and interest would be limited to a small pool of buyers, such as private equity and sovereign funds. The family is best known for its multiple wins at the Sydney to Hobart yacht race with its supermaxi Wild Oats. The Australian Financial Review’s Street Talk column first reported in September that the family, who inherited Hamilton Island in 2016 alongside other businesses from their father, winemaker and sailor Robert Oatley, had tasked UBS with a strategic review. The billionaire Oatley family has halted a sale of Hamilton Island in Queensland after a review conducted by UBS, ending plans to offload the major tourism asset for a mooted $1 billion.

$1 bus to empire casino