Oatley family thank Australia for tributes

The Oatley family has thanked friends, colleagues and the Australian community for their support following the death of Bob Oatley.

Mr Oatley, 87, a giant in Australian winemaking, tourism and yachting, died in Sydney on Sunday.

"The Oatley family has been touched by the many kind words and tributes that have already been received from friends, colleagues and the wider Australian community," the statement said.

Mr Oatley is survived by his wife Valerie, his three children, Sandy, Ian and Ros, seven grandchildren, and eight great-grandchildren.

Mr Oatley was number 34 on the Forbes Australia's Richest People list with an estimated net worth of $910 million.

"He was a proud and passionate Australian recognised for his outstanding contributions to the Australian wine, tourism, coffee, sailing and thoroughbred horse industries," his family said.

"Bob was also well-recognised as a philanthropist who supported Australian Olympic activities, medical research and the arts."

Despite his many great achievements in the business world, it was his yachting victories that Mr Oatley cherished most, with his 100-foot supermaxi Wild Oats XI taking line honours in the Sydney to Hobart eight times, and doing so in record time in 2012.

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

A private funeral will be held for Mr Oatley.

Meanwhile, Australian Olympic Committee president John Coates credited Mr Oatley for paving the way for Australia's sailing success at the 2008 and 2012 Olympics.

"Yachting Australia and the Australian Olympic Team are hugely indebted to Bob for his contribution to sailing and our Olympic effort," Mr Coates said.

Australian sailors brought home three of the nation's seven gold medals from the 2012 London Games to finish as the top sailing nation.

"In the lead-up to Beijing, Bob put the sailing facilities at Hamilton Island at the disposal of the Australian Olympic sailing team as a training camp," Mr Coates said.

"He purchased four of the world's best 470 class sailboats for the team and he provided one of his buildings in Sydney to Yachting Australia, rent-free for three years, as their headquarters."

This allowed Yachting Australia to devote more funds to the athletes and their Olympic campaign, Mr Coates said.

"Bob was one of eight original members of the Australian Sailing Team Patrons Program which provided significant funds direct to the Olympic sailors for their 2008 campaign.

More than $1 million was raised by the program in the lead-up to London for the athletes, helping them compete in international regattas and spend extended periods training and familiarising themselves with the UK Olympic course.