Yesterday the tree was a refuge for shags, but in other autumns the solitary tree has been surrounded by colourful leaves at its feet.
Wanaka gardening guru Ralph Markby said yesterday the tree had weathered the lake's rises and falls for more than 20 years.
He was not sure exactly how old the tree was but said it would certainly have been self-sown.
The tree was probably a Salix alba (white willow) variety, a common wetland willow.
"They don't mind their feet in the water for a while.
"They are good water trees ... and it's got really wet feet now," Mr Markby said.
The "photograph tree" is a popular subject for Wanaka Camera Club members and features on the club's website.
Yes Digital owner Steve Worley said club member Dale Gubb's photograph on canvas of the tree was the shop's top seller.
"Because it is unique. It's a tree in a lake, basically. And because the backdrop is something special, as well. It is probably the most famous tree in Wanaka. I don't know how old it is, but I have seen photographs of it going back at least 20 years," Mr Worley said.
