One of the nation’s most iconic tourism spots has been taken off the market by its billionaire owners after failing to find a buyer after almost three months.
The Sydney-based Oatley family took the $1bn Hamilton Island property on Queensland’s Whitsunday coast off the market last week, The Australian reported on Monday.
The luxury island off the Great Barrier Reef was listed for sale in September. A letter to staff and property owners last week reportedly revealed that sale had since been nixed.
In a statement to The Australian, Hamilton Island chief executive Pete Brulisauer said the family would retain the island and that a strategic review was recently completed.
“The strategic review process enabled our team to review and define the full potential for Hamilton Island,” Mr Brulisauer told the newspaper on Monday.
Mr Brulisauer said at the conclusion of the review the company looked forward to “continuing to enhance Hamilton Island’s reputation as one of Australia’s most iconic holiday destinations.”
The shock revelation comes almost seven years after the death of owner and Oatley patriarch, Bob Oatley. The island had been in the hands of the Oatley family for 20 years before the sale.
Potential buyers had told The Australian they doubted a buyer could be found for the asking price. Speaking anonymously, one agent said the family would find it extremely difficult to sell the island.
The Oatley family first opened the luxury resort in 2006, with the island becoming attractive to tourism investors because of its international airport which provided easy access for travellers.
The string of islands nearby to the Great Barrier Reef have been popular among investors. In 2022, Atlassian co-founder Mike Cannon-Brookes and his wife Annie purchased nearby Dunk Island.