The SS Minnow set out on a "three-hour tour" with actor Bob Denver (Gilligan) and his gang.
They wound up as castaways for three years on US primetime television and their buffoonery was replayed around the world for many decades.
"It's the same boat that was on Gilligan's Island ... They used it when they went out on the water," said agent George Schultz, who is selling the boat for a retired friend, Canadian Scott Taylor.
The vessel was named after former US Federal Communications Commission chairman Newton Minow.
Show creator Sherwood Schwartz was quoted as saying Minow "ruined television."
According to the show's theme song: "The weather started getting rough/the tiny ship was tossed/if not for the courage of the fearless crew/the Minnow would be lost."
Indeed, the real Minnow capsized off Canada's West Coast during a trip from Alaska in 1993 after hitting a reef, ruining all of its electrical systems.
Its American owner agreed to sell it to Taylor for a mere A$4,165 if he agreed to restore the 11 metre mahogany Wheeler Express Cruiser.
Taylor was true to his word, sinking more than A$A237,500 in repairs into it.
Taylor only discovered later that the boat, then named Bluejacket, was the famed SS Minnow from the television show.
Now for A$118,100, you can buy a piece of television nostalgia and take it out for a "three-hour tour" - or more.
Taylor has had some good trips on it and has never been shipwrecked.