Many enthusiasts nostalgically recalled family trips in their childhood on the former commercial hydrofoil during its heyday.
Meteor III was brought to Queenstown from England by pioneering tourism operator Frank Howarth in 1966. The 10m boat carries 17 passengers, has a top speed of 70kmh, cruises at 55kmh and is renowned for its smooth ride on the water.
Meteor III was one of the first tourist boats operating on the lake and carried 19,600 passengers in its first year of service. The distinctive hydrofoil craft cruised Lake Wakatipu until the 1990s and has changed hands several times.
Truck dealer and dismantler Des Cunningham, of Timaru and Queenstown, has owned Meteor III for four years and lovingly restored every inch of the boat.
"It was pretty neglected. It needed complete refurbishment, sandblasting, repainting and remotoring over 18 months with a few friends," he said.
"Today is a charitable venture on my part. I said I would bring it over to support the boatshed restoration fund."
Mr Cunningham said he had no plans to operate Meteor III commercially again, but he could make it available for charitable causes in the future.
Club members were raising funds towards the restoration of the historic boatshed and slipways at the Frankton marina for the community's benefit. A $100 restaurant voucher was auctioned, bottles of wine, and a painting of a 1940 lake runabout boat by Spike Wademan were available with proceeds going to the fund.
