Holdfast Bay Council report recommends councillors reject an offer to buy Glenelg's Buffalo replica ship Richard Finlayson is owner of the Buffalo Restaurant. GLENELG's replica Buffalo ship will likely be dismantled unless a new buyer can be found. In a Holdfast Bay Council report released yesterday, staff recommended councillors reject an offer from the restaurant's owner, Richard Finlayson, to buy the ailing vessel for $1. Mr Finlayson said if the council refused to buy the ship, he would have little choice but to cut his losses, close the restuaurant and dismantle it. Councillors will vote on the recommendation at a meeting on Tuesday, November 12. What do you think should be done with the Buffalo? Built 30 years ago, the vessel is a replica of the HMS Buffalo that brought colonists and first governor John Hindmarsh to Adelaide in 1836. A council-funded audit of the Buffalo found $335,000 must be spent to restore the replica. The report also said the ship failed to comply with building standards in its current state. MORE: State's richest man eyes Buffalo The council conducted the audit after Mr Finlayson offered to sell the ship in July because of crippling maintenance costs. He asked the council to consider buying the vessel, restore it or lease it to another operator. A second option was for the council to agree to allow Mr Finlayson to dismantle the vessel, which council staff have recommended. Mr Finlayson said he was devastated by the council's lack of interest in saving the popular tourist attraction. "I'm very disappointed, they have signalled the death knell for the Buffalo," Mr Finlayson said. I have to now very seriously consider removing the ship - that is the only alternative left to me. MORE: Decorative front section of Buffalo removed He said it would be difficult to attract a new buyer given the cost of restoration and the building compliance issues. Mr Finlayson, who ran the restaurant from 2001-06, was forced to take the helm of the Buffalo last year as he was guarantor for the most recent owners, who fell $83,000 behind in rent payments to Holdfast Bay Council. He inherited the business from his father, who spent nearly $1 million to build the vessel. Holdfast Bay Mayor Ken Rollond said he personally wanted the council to buy the ship, but did not believe he had support from a majority of the councillors. "Everyone knows my views, the council should have taken it over two years ago," Dr Rollond said. We could use it as a museum for schoolchildren, use it for citizenship ceremonies. MORE: Buffalo owner calls on council to buy ship Glenelg Historical Society president Jan Smith hoped the Buffalo's cultural and historical significance would be taken into account when the council meets next week. "The Buffalo has been iconic for Glenelg for so many years, there needs to be some thought given to what happens to it from here," Mrs Smith said. It's not just a matter of money, this should not be the deciding factor.