Huntress was recovered from Christmas Beach on Cape Barren Island in Bass Strait on Sunday, some 11 days after it ran into trouble.
The 40-foot yacht's rudder was sheared off after it hit an object on December 28 about 80 nautical miles east of Flinders Island. The boat's crew was rescued later in the day by water police.
Huntress, which was left to drift at sea before it beached last week, is now safely tied up in northern Tasmania.
"Receiving this news was simply a huge relief and the news we had been waiting to receive for several long days," a post on the boat's Instagram page read.
"Moving forward we will be working with our insurer to plan Huntress's repairs in restoring her to her former glory.
"This may take several months to complete but we cannot wait to get started!
"Finally, we wish to thank everyone for all the messages of support that we have received, it really has meant everything to us and has helped us keep going."
Following the salvage, the Aboriginal Land Council of Tasmania (ALCT) claimed the yacht should not have been removed from the beach, as it belonged to Indigenous people.
ALCT chairman Michael Mansell said there was an Aboriginal law on Cape Barren Island, also known as truwana, preventing the yacht from being removed unless a portion of its value was paid or ownership was given to the Indigenous population.
The ALCT has reportedly sent a letter to the yacht's owners and insurers requesting a formal meeting.
Total Dive Solutions, a company involved in salvaging Huntress, said Indigenous representatives provided "permission and local site knowledge" during the operation.
Huntress also failed to complete the Sydney to Hobart race in 2021 when it was forced to retire with mainsail damage.
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