Bankrolling the challenge, his syndicate broke the 132-year winning streak of the New York Yacht Club. This sporting achievement was the zenith of a career defined by rapid accumulation of assets and eventual collapse.
Early Development and Signwriting
Born in 1938 in Hammersmith, London, Bond emigrated to Australia in 1950 with his parents, Frank and Kathleen, and his sister Geraldine. Settling in Fremantle, he left his apprenticeship early to operate a signwriting business called Nu-Signs. By 1959, he renamed the entity Bond Corporation. Leveraging a property market that lacked rigorous valuation standards, he became a prolific borrower throughout the 1960s to fund residential projects along the Swan River and estates like Lesmurdie Heights.
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Bond expanded the Bond Corporation into brewing, gold mining, television, and airships. He acquired Castlemaine Tooheys and the G. Heileman Brewing Company. In 1987, he purchased the Nine Network from Kerry Packer for $1.05 billion. That same year, he established the Bond Centre in Hong Kong and founded Bond University in the Gold Coast. His art acquisitions included the 1987 purchase of Vincent van Gogh's Irises for $54 million, a deal funded by a loan from Sotheby's that he ultimately defaulted upon.
Legal Scandals and Bankruptcy
The 1990s marked the collapse of his business interests. In 1992, he was declared bankrupt with debts totaling $1.8 billion following a failed nickel-mining project guarantee. His legal troubles culminated in 1997 when he was sentenced to seven years in prison. He had pleaded guilty to siphoning A$1.2 billion from Bell Resources to the Bond Corporation. Consequently, he was stripped of his status as an Officer of the Order of Australia.
Fast facts
- Born: 22 April 1938, Hammersmith, UK
- Died: 5 June 2015, Perth, Australia
- 1978 Australian of the Year
- 1983 America's Cup winner
- 1987 Founder of Bond University
- 1992 Declared bankrupt
- 1997 Convicted of fraud
- Citizenship: Australia
Questions readers ask
Why did Alan Bond lose his Officer of the Order of Australia title?
He was stripped of the honour following his 1997 criminal conviction for fraud.
What was the result of Bond's purchase of the Nine Network?
The network was eventually recovered by Kerry Packer through equity after Bond's financial collapse.
Achievements
- Officer of the Order of Australia
- Holdings: Australia II