The 12-metre class yachts were used in America's Cup racing for the last time in 1987, when Australia defended the cup off Freemantle, near Perth.
The New Zealand entry, KZ-7 Kiwi Magic, was one of a trio of boats built for Sir Michael Fay's first America's Cup challenge and designed by a team including Laurie Davidson, Ron Holland and Bruce Farr.
The first boat in the series, KZ3, was the original Plastic Fantastic: the first fibreglass Cup boat ever built. It was estimated that her hull was 20 times stiffer than the aluminium versions.
She, and her fibreglass stablemates KZ-5 and KZ-7, caused a furore.
"If you want to build a glass boat, why would you do it unless you wanted to cheat?" complained Dennis Conner.
Conner went on to defeat KZ-7 convincingly in the challenger series, before beating the Australian defender, Kookaburra III, in 4 races straight to reclaim the Cup he had lost to Australia II in 1983.
In recent years, Prada's America's Cup head, Patrizio Bertelli, has raced KZ-7 on the European 12m circuit, but has said he intends to stop competing.
Owners Sir Michael Fay and David Richwhite have still to decide where the famous boat will go, but they do hope she carries on sailing.
Now called Kiwi, KZ-3 is plying the waters off Australia as part of a charter business which includes 1987 Australian boat Kookaburra I.
The third boat in the group, KZ-5, is being sailed on the United States 12m circuit. (Despite their names, which derive from a class formula, the boats are actually more than 20m in length and sport masts about 27m high.)
KZ-7 sailed off Auckland during the last America's Cup, becoming a focal point for visitors at her mooring at the National Maritime Museum at the Viaduct Harbour.
Last year she was raced at the world 12m championships at Cowes, where she finished second - to an Australian boat sailed by Team Alinghi.
"Now we're deciding what we're going to do, because Patrizio has said he's not going to carry on sailing 12-metres, so we're having a think," Sir Michael said.
"There's an active circuit in North America. Edgar Cato sails KZ-5 there and she's been beautifully restored."
Sir Michael said he was pragmatic about the boat's future. It was best that she continued to be sailed, but she would always hold a special place in New Zealand's America's Cup history.
"To me, KZ-7, Kiwi Magic, was the start of something that turned out to be very unique.
"It was a great first effort by New Zealand. I always thought it was the best boat at the regatta, we just couldn't deliver the win.
"You couldn't fault the boat, if you look for the reasons why we didn't win the regatta, you can't blame KZ-7.
"It was a great campaign - Chris Dickson, KZ-7, Kiwi Magic.
"From top to bottom in the organisation, we were just first time round, we didn't know how to win - on or off the water. It wasn't any one person's fault or anything else - at the end of the day it's my fault because I was the boss."
* Following the 'big boat' fiasco the following year, the new America's Cup Class of yacht was developed and "composite construction" is now the norm for racing yachts.
Team New Zealand profile
New Zealand: KZ-7, the 'plastic fantastic'
AdvertisementAdvertise with NZME.