Members of Wanaka's Blennerhassett and Mills families, descendants of Mr Sargood, worked with the Upper Clutha Historical Records Society and Wanaka librarian Jude Terpstra to research the history of the station and create information panels which were unveiled for the crowd yesterday.
The station's homestead, which was extended after its relocation from Albert Town to Roy's Bay, was destroyed in a fire within a year of Mr Sargood buying the property.
He built a new homestead on the same site the following year and floor plans for that house were discovered by the Blennerhassett family at the Hocken Library, in Dunedin, last year.
The plans were reproduced on a brass plaque, also unveiled yesterday, mounted on a rock on the ruins of Mr Sargood's homestead, which was destroyed by a second fire in 1931.
After Mr Sargood died in 1941, part of the station was bought at auction by his daughter and given to the community by the Wanaka Station Trust in 1977.
Land containing the homestead ruins and large trees at Homestead Close were also given in 1997.
In a speech yesterday, Nick Mills, of Rippon Vineyard, said it was pleasing to see the park still being enjoyed by the general public today, which was just as his great-grandfather, Mr Sargood, would have intended.
Mr Sargood's legacy lived on in the Sargood Bequest, the charitable trust he founded, Mr Mills said.
Upper Clutha Historical Records Society secretary Graham Taylor acknowledged the "key role" Wanaka Station had played in the early development of the Upper Clutha district.
Queenstown Lakes Deputy Mayor Lyal Cocks hoped a similar community celebration would take place at the same site 100 years from now.
