The converted school bus was parked in Otaki St when a thief broke in and stole it on Friday night.
Bruce Law said he had to sell some of his instruments to pay for the $4500 bus and he was shattered by the theft.
''I feel quite violated,'' he said.
''It's not just a car; it's got quite a few of our personal things in there.''
The bus had a fireplace and bed. Mr Law had spent the winter doing it up so he and his wife, Jacqui, could live in it while renovating their Purakaunui home.
While it cost $4500, it would be worth much more, he said.
''Financially, $4500 is like a million dollars to us,'' Mr Law said.
''We don't have massive amounts of income or cash coming in. We aren't rich people.''
The white and green bus did not have any registration plates as it was not yet roadworthy, but it was very distinctive, he said.
Police had told him it was likely taken for a joyride and discarded, he said.
Regardless of where the bus had ended up, he wanted it back, Mr Law said.
Detective Inspector Steve Kelly said police were investigating the theft and anyone who saw the bus should contact police.
-Dunedin police (03) 471-4800, Crimestoppers 0800 555-111.
