Eight Bells-Sir James Hardy.

From the ABC News website

Supplied: AAP/Australian Sailing

South Australia's champion yachtsman and wine boss Sir James Hardy has died aged 90.

Widely known as "Gentleman Jim", Sir James was an Olympic sailor before becoming part of the first team to wrest the America's Cup from the United States.

He lived an adventurous life but it wasn't all plain sailing — at the age of six, his father died in a plane crash.

"Sadly through poor navigation they overshot Essendon and crashed in fog into the Dandenong Ranges," Sir James recalled in an interview. He joined the family wine company in 1953, but spent much of his time out at sea, winning national and international yachting titles.

Despite two Olympics and becoming a world champion, his ultimate ambition remained victory in the America's Cup. After three failed attempts, Sir James finally tasted success in 1983 as back-up skipper for Australia II. In 2003, the family wine business Hardy's was taken over and became part of the Accolade stable of wines.

"Now we'll be able to go through the door and make arrangements and hopefully lead an Australian push into countries like Germany," he said in 2003.

Sir James was knighted in 1981 for services to yachting. South Australian Premier Peter Malinauskas said Sir James made a "significant contribution" to the state and nation through philanthropy, his work in the wine industry and yachting. 

"He was a business leader, Olympian and famously led the charge for Australia in three America’s Cup campaigns."

Australian Olympic Committee President Ian Chesterman said Sir James was a "giant" of sailing.

"James Hardy made an impact in many areas during his life, and he will be very sadly missed by the sailing community and the broader Australian sports community," he said.

Australian Sailing president Alistair Murray said Sir James's contribution to sailing "cannot be understated".

His beloved yacht NERIDA racing on Sydney Harbour- Photo Andrea Francolini

"He was beloved by everyone he met and could not have given more of himself to driving the success of sailing in Australia," he said.

"Personally, he was my hero, and I was proud to call him my friend.

"On behalf of Australian Sailing, I would like to share our sadness at the news and pass our condolences to his family and the many sailing friends he made along the way."

Former premier Steven Marshall said Sir James was a "fabulous" South Australian and a "wonderful winemaker, businessman, yachtsman".

Australian Sailing said Sir James is survived by his wife Joan, brother David, sister Pamela and sons David and Richard.