Christmas will be less exciting for 12-year-old Oisin Quinlan-Thompson and his sister Clora (10), since the boat they were supposed to share as a present has been stolen from a boat trailer at the Wakatipu Yacht Club at Kelvin Heights.
The boat's owner, Cath Gilmour, said the theft was deeply disappointing.
"Our family is completely gutted, but the other local family which wanted to buy the boat as a Christmas present for their two children are even more upset about it," she said.
The boat is a yellow, 1m-wide wooden Optimist yacht.
It has a dark blue and yellow sail and a beige cover.
The boat is suitable for children aged between 9 and 14, and had been sailed by Ms Gilmour's daughter, Hebe Hilhorst (11), for years.
Denise Quinlan, also of Queenstown, had arranged to buy it for her two children.
She said they had been looking forward to spending time on the water in their own boat this summer.
Anyone with information regarding the boat can contact Ms Gilmour on 03 442-2306.
