The bike, used for patrolling and also to transfer lifesaving equipment to and from the beach, was stolen from the clubhouse some time overnight on Friday.
Club powercraft officer Stefhan Brown said the bike was a vital piece of equipment for surf lifesavers as they reached the busiest part of the season.
In particular, getting the club's inflatable rescue boat up and down the steep slope in front of the clubhouse was difficult without the bike - the job had required four or five people to drag it up the "very soft sand". Club members decided yesterday on a final search of the St Kilda beach area, club member Nathan Shaw said.
They nearly overlooked the piles of old building materials behind the Badminton Hall in Victoria Rd, where Mr Shaw discovered the quad carefully parked out of sight.
The radio had been ripped out, the bike had been "tagged" and the keys were missing, but it was otherwise still in working order.
"We are very relieved to have it back.
"I'd say from where it's parked it sure looks like the guys who had it planned to take it for another ride."
Mr Brown said fixing the bike would still cost the club money, but members were relieved they would not to have to buy a new bike, as the club had to rely on donations, club fees and applications to charities.
This is not the first time the club's quad has been stolen - one taken about four years ago was recovered, but had been severely damaged.
Senior Sergeant Steve Aitken, of Dunedin, said anybody with any information about the bike was asked to contact the Dunedin Police Station.
Mr Brown understood three people were seen riding the bike around the St Clair area on Saturday night.
