Pounawea residents were shocked to see historic scow The Portland sinking in the river near the township last week.
The sunken boat and the subsequent salvage operation drew many sightseers, who lined the banks of the Owaka River near Pounawea last week.
Owner Ray Mathieson said logs which often floated down the river, especially when the river was high, could damage the hull and let in water.
"The battery terminal was corroded, which cut off the bilge pump, and the low spring tide probably tipped her up."
About eight volunteer firefighters and two friends helped him refloat the 101-year-old boat at low tide last Friday. No significant damage was caused.
Mr Mathieson bought the boat in 1979, and had no immediate plans to sell The Portland. He still used the scow when he wanted a break from his home at Katea, near Owaka.
"She's just like a crib at Pounawea. It's lovely staying on the boat - even in winter she's warm as with the big coal range," he said.
The Portland has also been the victim of pranksters. A land agent's "for sale" sign has appeared on the boat's mast, but the agent said it should not be there and would be removed.
• The Portland was built by George T. Niccol, of Auckland, in 1910. A sailing-hold scow made from kauri, she was originally owned by Wilsons (NZ) Portland Cement, trading in the Auckland area.
