The billionaire Oatley family has halted a sale of Hamilton Island in Queensland after a review conducted by UBS, ending plans to offload the major tourism asset for a mooted $1 billion.

The Australian Financial Review’s Street Talk column first reported in September that the family, who inherited Hamilton Island in 2016 alongside other businesses from their father, winemaker and sailor Robert Oatley, had tasked UBS with a strategic review. The family is best known for its multiple wins at the Sydney to Hobart yacht race with its supermaxi Wild Oats.