Billionaire heir sells slice of paradise in Avalon Beach

The yachtie grandson of a late billionaire has just sold his slice of paradise, doubling his money in seven years.

8 Paradise Ave, Avalon has sold for just under $10m.

The yachtie grandson of the late sailing winemaker Bob Oatley has sold his Avalon Beach trophy home for just under $10m after seven years at the Pittwater property.

Daniel Oatley was reportedly the first of the famous seafaring family to ride Wild Oats XI in the Sydney to Hobart race in 2016 and a year later bought the Paradise Ave waterfront residence — complete with private jetty and entertainer’s boat house — for $4.6m.

Throughout its most recent sales campaign, LJ Hooker Palm Beach team Jono Gosselin and Peter Robinson were quoting $9.5m for the three-bedroom home on 1080sq m.

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Naturally, the home comes with a private jetty and boathouse.

Open-plan living areas lead to the terrace.

Although Robinson was not prepared to discuss price, he confirmed the sale had a positive outcome.

“We had a good campaign and today there’s a happy buyer and a very happy vendor,” he said.

It is believed the new owner is no stranger to the peninsula having previously held property in the area.

The Oatley family fortune was made when patriarch Bob sold Rosemount Wine to Southcorp in 2001 for a rumoured $1.5b.

He was also responsible for the reboot of tourist hot spot Hamilton Island which he bought for $200m in 2003.

Daniel Oatley, the late Bob Oatley's grandson, in Hobart after steering Wild Oats across the line in 2018. Picture: Richard Jupe

Incredible views from the terrace.

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The family had reportedly toyed with selling the popular holiday destination for as much as $1b last year, however shelved plans after a strategic review by UBS suggested the sale could linger with only a small pool of possible buyers.

Another notch in the Oatley family’s belt is as owners of the nine-time Sydney-Hobart-winning yacht Wild Oats XI.

Prior to Oatley’s ownership, the Paradise Ave residence was the home of music-industry executive Tim Prescott and his interior designer wife Frances Georgeson who has worked with the likes of Pink, Usher and Beyonce.

The pair had lived at the property since 2011.

Great views also from the kitchen.

And the master suite.

Designed for the water-loving enthusiast, the three-storey deep waterfront dwelling is unsurprisingly decorated in nautical themes and features two living spaces with two decks, a chef’s kitchen with Bosch appliances, three bedrooms including a large main with an ensuite, plus a large boat shed, jetty and boat pen.

It sits only minutes from Paradise Beach and is within walking distance of Avalon Sailing Club, local shops and express city buses.

  The Oatley family still retains the historic Finisterre waterfront mansion in nearby Stokes Point, which they bought in 2002 for a then recording-breaking $20m.

Originally published as Billionaire heir sells slice of paradise in Avalon Beach