Eileen Bond, the first wife of the late colourful business tycoon Alan Bond, has died.

It is understood the business matriarch — who was affectionately known as “Red” — passed away from heart complications. She was 87-years-old.

The Bonds married in 1955 when they were both 17. They were married for 37 years and had four children.

The pair shared the magic of the America’s Cup victory in 1983 before splitting in 1992.

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Mr Bond, died aged 77 in 2015 after complications from heart surgery at a Perth hospital.

After his death, their son John Bond said his mother and father were still “soulmates”.

Her cousin, John Hughes, described her as a “saint” who had a “tiger by the tail” in his eulogy at Mr Bond’s funeral.