Part-owners of the riverside Waikerie Caravan Park, they successfully tendered for the River Murray Queen, which was up for sale after the paddleboat business went into administration.

"We couldn't believe it when the 'phone call came announcing that our tender had been accepted," a delighted David told Caravanning News.

"Tracey was so excited she just screamed and screamed with delight.

"We'll initially use the boat for accommodation and a small cafe for guests. We think we're the first caravan park in Australia to have a paddleboat."

David declined to reveal how much they had paid for the vessel but said there were three other tenders.

Their caravan park will undergo a massive $6.3 million revamp over the next three years and the Mahoneys hope the River Murray Queen will attract more tourists.

Tracey said: "There's a lot of work to be done on the boat and it will be about 12 months before it is up to standard to again run on the beautiful River Murray.

"It has facilities for a fantastic restaurant on board. We think it's a great business opportunity. If we have anything to do with it, the Murray River Queen will come back and will be enjoyed by all its guests."

The paddleboat, built at Narnu Bay on Hindmarsh Island in 1973, can accommodate up to 96 holidaymakers.

It was used mainly as a river cruise boat, but fell into disrepair and became a backpackers' lodge in Goolwa. The vessel was then bought by investors five years ago but the venture failed and even attempts operate it as a restaurant and cafe at Waikerie proved difficult.

Tracey and David bought a share in the three-and-a-half star, 92-site caravan park – a member of the Family Park chain – eight months ago after running the Canberra YHA hostel.

They have managed parks for nearly 10 years, collecting many tourism awards along the way and proudly boasting of taking their first caravan park from a two-star establishment to four stars in just two years.

"In the next three years it is hoped our caravan park will move to being on the Murray River and the current location turned into a lifestyle village," Tracey explained.

"Plans include a new swimming pool, new amenities, new cabins, jumping pillow, new office and tourist information and booking centre."

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