Hamilton Island could be up for sale for $1billion as Oatley family consider offloading Great Barrier Reef estate
- Hamilton Island could go on sale for $1billion
- READ MORE: Could AI save the Great Barrier Reef?
One of the most famous islands on the Great Barrier Reef could soon be put up for sale for as much as $1billion.
The Oatley family are reportedly reviewing the future of Hamilton Island, off the coast of Airlie Beach, in north Queensland.
The Oatleys bought the island during a tourism boom in the early 1980s for about $200million - although the actual sale price was never disclosed.
Rough estimates suggest the Oatleys have spent more than $450million upgrading the island into the paradise it is today.
That bill includes $100million on the island's luxury resort named Qualia, $85million on a yacht club and villas and $45million on a golf club.
Hamilton Island (above) could soon go on sale for $1billion after it was last bought in the 1980s for about $200million
The island is currently owned by the billionaire Oatley family (pictured, Bob Oatley, who passed seven years ago, with sons Sandy and Ian)
Another unique feature of the island set to attract buyers is its international runway.
A spokesman for Hamilton Island confirmed the island is undergoing some changes but refused to comment on its rumoured sale.
'(We) have put in place a new leadership and approach and (are) conducting a review with the assistance of (our) advisors, to explore opportunities for growth and future prosperity,' he told The Australian.
'At this stage this review is ongoing and no decisions have been made. We do not intend to comment further until any recommendations have been considered.'
However, an 'executive with knowledge of Hamilton Island's potential marketing campaign' confirmed the island had played host to possible buyers in recent weeks.
'Hamilton Island has been offered for about a year on the back of the best ever domestic tourism season after Covid,' they said.
The apparent sale of Hamilton Island is one of many recent high-profile deals in the Great Barrier Reef.
Malaysian multinational Mulpha is still trying to sell nearby resort property Hayman Island for $300million.
South Molle Island, which was devastated by Cyclone Debbie in 2017, is also up for sale for $25million.
Its owner, China Capital Investment Group, also previously tried to sell 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, bought Dunk Island for $23.6million in 2022.
Even Australia's richest man has bought into the frenzy with the purchase of Lizard Island for $42million through his investment company, Tattarang, in 2021.
The country's richest woman, mining bigwig Gina Rinehart, almost joined the reef-island-owning elite with the sale of Great Keppel Island in 2022.
However, the $50million sale fell through after Rinehart struggled to clear plans to redevelop the island's once-famous resort.
The rich Oatley family have spent more than $450million upgrading Hamilton Island (above)
The Oatley family has stakes in the wine industry and is known for winning the Sydney to Hobart yacht race nine times.
Family patriarch Bob Oatley died aged 87 in 2016.
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.
When Mr Oatley sold the business in 2001, he used $200 million to purchase the world-renowned tourist haven Hamilton Island in Queensland.
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.
