Queenstown Lakes District Council regulatory manager Anthony Hall said NZL 14 was classed as abandoned under the Maritime Transport Act 1994, and the council wanted it removed from the bay.
"We’re reaching out to those who have the appropriate equipment and resources to remove and dispose of the vessel.
"There is some funding available to help with the yacht’s removal and it would be up to the person or group successful through the EOI process to decide what to do with her once she’s off the lake," Mr Hall said.
Interested parties would initially be provided with details of the requirements to dispose of the vessel, including the council’s expectations of technical experience.
The EOI process closes on March 27.
The yacht was part of the NZ Challenge for the America’s Cup in 1992, skippered by Sir Russell Coutts, then raced in San Francisco.
It was brought to Queenstown by Auckland company Sail Queenstown Ltd in 2005, where it was used to take tourists out on Lake Wakatipu.
That company stopped operating in 2010 and the yacht has been permanently moored in Queenstown Bay ever since.
In 2017, Mountain Scene reported Auckland businessman Geoff Hunt bought NZL 14 for an undisclosed price, and established a registered charity the following year to help disadvantaged youth "find a new way forward’’ by teaching them how to sail.
He estimated the restoration of the run-down yacht would cost about $100,000.
The council declared the yacht abandoned last May. That was disputed at the time by Mr Hunt.
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Mr Hunt could adapt the plan for his "registered charity ... to help disadvantaged youth "find a new way forward’’ by teaching them how to sail."
Disadvantaged youth could learn how to restore a run-down yacht. As skills go it's more likely to open up opportunities for them than learning how to sail a super-yacht.