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One of the Great Barrier Reef’s most famous islands could soon be put up for sale for up to $1 billion.
The Oatley family is reportedly considering the future of Hamilton Island, off Airlie Beach in north Queensland.
The Oatleys bought the island during a tourism boom in the early 1980s for around $200 million – although the actual sale price was never disclosed.
Rough estimates suggest the Oatleys spent more than $450 million transforming the island into the paradise it is today.
That bill includes $100 million for the island’s luxury resort named Qualia, $85 million for a yacht club and villas and $45 million for a golf club.
Hamilton Island (above) could soon be put up for sale for $1 billion after last being purchased in the 1980s for around $200 million.
The island is currently owned by the billionaire Oatley family (pictured is Bob Oatley, who died seven years ago, with his sons Sandy and Ian)
Another unique feature of the island meant to attract buyers is its international runway.
A Hamilton Island spokesperson confirmed the island was undergoing some changes, but declined to comment on the rumored sale.
“(We) have put in place new leadership and a new approach and (are) conducting a review with the help of (our) advisors, to explore opportunities for growth and future prosperity,” he said. The Australian.
“At this stage, this review is ongoing and no decision has been made. We do not intend to comment further until the recommendations have been reviewed.
However, an “executive with knowledge of Hamilton Island’s potential marketing campaign” confirmed the island had welcomed potential buyers in recent weeks.
“Hamilton Island has been on offer for about a year thanks to the best domestic tourism season ever seen post-Covid,” they said.
The apparent sale of Hamilton Island is one of several recent high-profile transactions in the Great Barrier Reef.
Malaysian multinational Mulpha is still trying to sell neighboring Hayman Island resort property for $300 million.
South Molle Island, devastated by Cyclone Debbie in 2017, is also on sale for $25 million.
Its owner, China Capital Investment Group, also previously tried to sell the well-known holiday destination Daydream Island, but failed to find a buyer.
Annie Cannon-Brookes, the ex-wife of Atlassian co-founder Mike Cannon-Brookes, purchased Dunk Island for $23.6 million in 2022.
Even Australia’s richest man got in on the frenzy, buying Lizard Island for $42 million through his investment company, Tattarang, in 2021.
The country’s richest woman, mining major Gina Rinehart, almost joined the reef island-owning elite with the sale of Great Keppel Island in 2022.
However, the $50 million sale fell through after Rinehart struggled to approve his plan to redevelop the island’s once-famous resort.
The wealthy Oatley family spent more than $450 million upgrading Hamilton Island (above)
The Oatley family has interests in the wine industry and is known for winning the Sydney-Hobart yacht race nine times.
The family patriarch, Bob Oatley, died at the age of 87 in 2016.
The pioneering businessman made his fortune in the wine industry, selling his successful Rosemount wine business to Southcorp for $1.5 billion in 2001.
He founded Rosemount Estate in 1969 in the Hunter Valley of New South Wales and sold his first vintage in the early 1970s.
Over the next 30 years, Rosemount became the second best-selling Australian wine brand in the United States and Australia’s largest family-owned winery.
When Mr Oatley sold the company in 2001, he used $200 million to buy the world-famous tourist haven Hamilton Island in Queensland.
He was appointed an Officer of the Order of Australia on Australia Day 2014 for his services to the wine and tourism industries and the sport of yacht racing.