Australian iconic boating figure Bob Oatley passed away on Sunday.

In 2014 Oatley was named an Officer of the Order of Australia (AO) for “distinguished service to the Australian wine and tourism industries [and] to the sport of yacht racing”.

Last November, Yachting Australia honoured Oatley with a lifetime achievement award for his contribution to sailing.

Oatley made his first fortune in the 1950s and 60s trading coffee and cocoa beans from Papua New Guinea.

His convict ancestor, James Oatley, was Australia’s first clockmaker, according to Forbes magazine.

Mr Oatley is survived by his wife Valerie and three children Sandy, Ian and Ros.

AIMEX and its members offer condolances to Mr Oatley’s family