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The owner of the legendary sailing ship Wild Oats XI has passed away

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Australian businessman and yachtsman Bob Otley has passed away at the age of 87 at his home in Sydney.

Otley's 100-foot boat, Wild Oats XI, had won the Rolex Sydney to Hobart race eight times in the last ten years. The last time the maxi sailing boat was forced to abandon the race due to a broken mainsail in half.

Despite his failing health, two days before this race, Bob Otley made an appearance in Sydney Harbour to perform a traditional ritual: passing his cane with the Wild Oats hull tip to the sailboat's skipper.

The crew of the maxi yacht believed that the cane brings good luck. It had done so many times before.

Bob Otley is known in sailing not only as the owner of Wild Oats XI. He has also supported the Australian Olympic Sailing Team and promoted Team Australia to the America's Cup. «The Hamilton Island Yacht Club, founded by Otley, challenged Oracle Team USA owner Larry Ellison in the minutes after his team won the 34th America's Cup».

Bob Otley was a coffee exporter and wine maker. Last year Forbes magazine estimated his fortune at $910 million.

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