Coal king dabbles in new superyacht
A SECRET multi-millionaire coal baron living in Townsville is making waves in the superyacht scene, forking out millions of dollars to acquire a new toy this week.
Michael O’keeffe has been revealed as the man who bought billionaire Frank Lowy’s yacht Ilonka which is docked in the Brisbane River.
Mr O’keeffe is partowner of the Exchange Hotel in Flinders Street East alongside Greg Rains, husband of Townsville Chamber of Commerce president Debbie Rains.
The pair have owned the hotel since 2008.
As well as local investments, he’s made his fortune in the mining industry, having worked with MIM and Glencore. He sold a Mozambique coking coal plant, Riversdale Mining, to Rio Tinto in 2011 for $4 billion.
He remained chair and significant investor of Riversdale Resources until Gina Rinehart’s Hancock Corporation successfully launched a $600 million takeover of the coal outfit a few months ago, The Australian reported.
That made Mr O’keeffe – who remains the executive chairman of the Asx-listed, Canadian-focused ChampiLength: 45.6 metres
Top speed: 15 knots
Built: In 1999 by Pendennis in United Kingdom at their Falmouth shipyard, refitted in 2008
Accommodation: Up to 12 guests, and 11 crew
Luxury features: Ondeck jacuzzi, helipad
Previous names: Christine, Ilonka
on Iron Mines – well over $30 million.
The 46m vessel purchased this week reportedly includes six cabins, a fitness centre and a helicopter landing pad.
Mr O’keeffe, 67, has reportedly renamed Lowy’s yacht Moatize, the same name as another of his yachts as well as a horse he owns which raced in the 2008 Melbourne Cup.
It’s not the first superyacht Mr O’keeffe has owned.
He purchased Paramour – accommodating 10 guests in five staterooms – in 2011 when it had an asking price of $US12.95 million ($A18.6 million).
He sold it in 2015 for a reported $15 million.
Mr O’keeffe spoke to the Townsville Bulletin in 2014 ahead of the debut race of his horse named Thurston.
“My roots are in North Queensland,” he said from Montreal, Canada, where he was working on his mining venture, Champion Iron, exporting iron ore to China.
Mr O’keefe was born in Cairns and played football in Mount Isa.