Australian sailing legend, self-made billionaire Bob Oatley dies at 87

Australian sailing legend and self-made billionaire Bob Oatley has passed away at the age of 87, local media reported on Monday.

Oatley passed away in his Sydney home on Sunday morning after succumbing to illness. He is survived by his wife Valerie, daughter Ros and sons Ian and Sandy.

The businessman who is descendent from a convict ancestry pioneered winemaking in Australia's hunter valley through Rosemount Estate after first exporting Papua New Guinea's coffee and cocoa beans throughout the world in the 1960s and 70s.

In 2003, he diversified into tourism when the Oatley family bought and transformed Hamilton Island Resort into a luxury getaway that has accommodated Oprah Winfrey and most recently, Taylor Swift.

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 U.S. dollars). He was also listed at number 49 on the 2015 BRW Rich List with an estimated wealth in excess of one billion Australian dollars (696.32 million U.S. dollars).

Despite Oatley's successful business career, it is his yachting victories he cherished most through his 100-foot supermaxi Wild Oats XI.

Among the record eight line honors victories in 10 years in the famous Sydney to Hobart Bluewater Classic was the 2012 fastest race win at one day, 18 hours, 23 minutes and 12 seconds to sail from Sydney Harbor to Hobart's Constitution Dock.

"It's the greatest thing that's ever happened to me in my life," Oatley said as he celebrated the 2012 win.

Oatley was subsequently appointed an Officer of the Order of Australia at the 2014 Australia Day honors for his service to Australia's wine and tourism industries, yacht racing and to the community through his support to medical research and visual arts organizations. Enditem