He said the schooner was now in desperate need of a wealthy backer willing to help restore it to its former glory. He had a couple of interested buyers, but mainly wanted to see the boat go to a good home.
"She's a lovely old girl. It's like losing a member of the family, it's so sad ... But for a vessel this size, you would need a big budget."
He said most of the boat's framing, built from a single kauri tree, was in reasonable condition though there was extensive rot on many planks below deck.
Built in 1909 at Totara North, the Te Aroha was originally a trading vessel and has made more than 10,000 Cook Strait crossings. Mr McGoram and Ms Oversier planned to move on from their failed project and were looking at getting work as crew on yachts sailing internationally.
If abandoned, the SV Te Aroha would be the second historic vessel to be destroyed recently. The MV Tuhoe, built in 1919, became stranded on the Waimakariri River bar, just north of Christchurch, near the end of September.
Efforts to refloat the wooden vessel failed. It had recently undergone a $200,000 restoration. The mast, wheelhouse and other memorabilia are being recovered in its deconstruction, which could take weeks. Mr McGoram said more should be done to preserve the country's maritime history.
"There's funding for historic buildings or houses but absolutely nothing for boats."