Police believe a body recovered from Lake Wakatipu is that of missing Southland businessman Matthew Charles Duncan.
The 46-year-old from Bluff went missing while boating on the lake, at Queenstown, last Sunday.
Concern was raised after his boat, Sundance II, was discovered abandoned six days ago.
Police divers along with Navy staff had been searching for Duncan since.
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Shoreline and aerial searches were also carried out to try to locate him.
The death will be referred to the Coroner.
The Otago Daily Times reported earlier in the week that Duncan had set out from an area near the TSS Earnslaw slipway about 9.30am on Sunday on Sundance II.
He travelled several hundred metres from the slipway and then stopped in the middle of the lake.
The boat was then found unattended and drifting near the Bayview area of Kelvin Heights on Sunday afternoon.
The Police National Dive Squad arrived in Queenstown on Tuesday morning and had been using sonar equipment to wade through the dark deep waters of the lake.
Police also called on the Navy to provide more advanced sonar equipment which had the ability to search larger areas at a time.