Alan Bond dies in hospital

Business tycoon, former Australian of the year, America's Cup hero and convicted fraudster Alan Bond has died aged 77.

Business tycoon, former Australian of the year, America’s Cup hero and convicted fraudster Alan Bond has died at the age of 77.

His children Craig, John and Jody, announced their father’s death today outside Fiona Stanley Hospital in Perth, where Mr Bond had been in critical care following surgery to replace a heart value and repair two others.  

John Bond told media his father’s body finally gave out after “heroic” efforts by intensive care staff and that he had never regained consciousness after his surgery on Tuesday.

Alan Bond was one of Australia’s most dominant business figures in the 1980s, with his fingers in many pies including media, property, resources and brewing.

Mr Bond’s various assets were reportedly valued at A$12 billion in 1988.

He was no stranger to the limelight.

He bankrolled the Australia II to victory over the Americans in the 1983 America’s Cup – breaking one of the longest winning streaks in sporting history.  

But good as his business acumen was, Mr Bond was not immune to the law.

In 1992, he was jailed for two and a half years for dishonesty over a multimillion dollar fee he received for helping rescue Laurie Connell’s Rothwells merchant bank. He was released, retried and acquitted three months later.

In 1996, he was jailed again; this time over the sale of a $15 million painting, the profits of which had ended up with one of his private companies despite the lease payments having been made for many years by Bond Corporation and its shareholders.

However, his biggest claim to infamy is being the man behind what has been called the biggest fraud in Australia history after he stripped $A1.2 billion from Bell Resources in 1988-1989.