The Police National Dive Squad has recovered a body from Frankton Marina, near Queenstown, this afternoon, believed to be that of a well-known local boatie.
Alan Wilson, 63, hadn't been seen since about 2.30pm on October 19 after heading to Lake Wakatipu.
Formal identification was under way, however it is thought the body is that of Wilson, police said. A post-mortem would be conducted in due course.
Police said the body was located about 8pm yesterday using underwater camera gear.
Wilson was last heard from when he rang a friend in good spirits while working on his boat on Friday night, police said yesterday.
"Alan rang a friend in good spirits, while he was working on his boat at the Frankton Marina around 7.45pm last night. He hasn't been seen or heard from since and his vehicle remains at the marina."
Police searched in the water and along the shoreline at Frankton Marina, as well as making inquiries in the wider area.
The dinghy Wilson used to get to his boat was found on the Frankton Beach shoreline.
Inspector Olaf Jensen, Area Commander Otago Lakes Central, told media today Wilson was a well-known member of the community and the focus was on recovering the body and returning him to his family.
"It's a tragic loss," Insp Jensen said.
Motorists are advised to follow diversions and expect delays.