Alan Bond

Alan Bond was a prominent Australian businessman and yachtsman who rose to national fame in the 1980s. He is best known for bankrolling the historic victory of Australia II in the 1983 America's Cup, ending 132 years of American dominance. His vast commercial empire, the Bond Corporation, became a symbol of the entrepreneurial excesses of the era before collapsing under massive debt, leading to his high-profile conviction for fraud.

Early life and education

Born in Hammersmith, London, he emigrated to Australia with his family in 1950, settling in Perth. He left Claremont Teachers College at age 14 to begin a sign-writing apprenticeship, demonstrating an early entrepreneurial drive. This period in Western Australia during the post-war boom shaped his ambition and understanding of the burgeoning resources and property markets.

Business career

He founded a small real estate firm, which rapidly expanded into the Bond Corporation, a sprawling conglomerate. His aggressive acquisition strategy in the 1980s saw him take control of major assets like the Swan Brewery and Bell Group, and he famously purchased Vincent van Gogh's Irises for a record sum. The corporation's debt-fueled expansion into media, with the purchase of the Nine Network from Kerry Packer, and resources made him one of Australia's most powerful figures. His dealings were central to the "WA Inc" period of controversial business-government relations in Western Australia.

America's Cup involvement

His passion for yachting led him to fund the Australia II challenge syndicate for the America's Cup. Under the design leadership of Ben Lexcen and the sailing skill of skipper John Bertrand, the team developed the revolutionary winged keel. In 1983, the historic victory at Newport, Rhode Island made him a national hero, with the trophy's arrival in Fremantle sparking massive celebrations. He later bankrolled further challenges through the Royal Perth Yacht Club, including the successful defense of the cup by Kookaburra III in 1987.

Legal issues and downfall

The collapse of his business empire in the early 1990s, exacerbated by the 1990s recession in Australia, led to one of the nation's largest corporate insolvencies. In 1992, he was declared bankrupt by the Federal Court of Australia with debts exceeding A$1.8 billion. He was later convicted and served four years in Karnet Prison Farm for his role in a massive fraud involving the misappropriation of A$1.2 billion from Bell Resources, a subsidiary of Bell Group, to prop up the ailing Bond Corporation. The scandal was investigated by the Australian Securities and Investments Commission and became a landmark case in Australian corporate law.

Later life and death

Following his release from prison in 2000, he maintained a lower public profile but remained involved in various business ventures, including diamond mining in Africa and property development in China. He was diagnosed with complications following heart surgery in 2012. He died in 2015 at a hospital in Perth, survived by his wife, Eileen Bond, and their children. His complex legacy is remembered for both the pinnacle of sporting achievement and the depths of corporate failure.

Category:Australian businesspeople Category:Australia's Cup Category:Australian convicts