The Oatley family is known for their background in the winemaking industry. They are also famous for winning the Sydney to Hobart yacht race nine times.

A spokesperson told Street Talk that the family has inducted new leadership and is conducting a review, with the assistance of advisors, to “explore opportunities for growth and future prosperity.”

“At this stage, this review is ongoing, and no decisions have been made.”

The island was sold to Robert Oatley in 2003. Since purchasing the island, the Oatleys have invested more than $450 million into upgrading tourism facilities, including a resort, a yacht club, golf club and villas.

Other Queensland islands have been purchased by Australia’s elite in recent years.

Annie Cannon-Brookes purchased Dunk Island for $23.6 million last year. She has since separated from Atlassian co-founder Mike Cannon-Brookes.

Andrew ‘Twiggy’ Forrest’s family investment company, Tattarang, bought Lizard Island for $42 million in 2021.

Gina Reinhart also withdrew from purchasing Great Keppel Island back in 2022. She retracted her offer of $50 million after there were difficulties with the plans to redevelop the now-closed resort.