The Lanercost was a timber barque launched in October 1865 at Harrington in England, 123.7 feet long and almost 26 feet wide, displacing 358 tons. Built for the Holland–England trade, she ended up owned in Adelaide. On 21 November 1872 she left Newcastle for Adelaide with 580 tons of coal, and at 5 am on 24 November she strayed too far west and ran aground on a small point just north-west of Mowarry Point, south of Eden. The crew got ashore. Men from the Eden pilot boat tried to salvage her, but big seas broke over the ship and smashed her to pieces.

Divers found the wreck in the 1960s and some minor salvage was done, including sand dredging. In the 1970s Sydney wreck diver John Riley found an 1864 American one-cent coin, confirming the identity as the Lanercost rather than the Olivier Frost, lost further south in 1856. Eden diver John Mathieson recovered a key, a silver-plated spoon, a log vane, a telescope lens and a copper spike.

Today most of the wreck is dispersed or buried. Wreckage is scattered in the long gully east of a small point and there is a major piece of hull on the sand in front of a second gully at 20–21 m, sometimes uncovered when sand shifts. In the main gully divers find small pieces of iron, copper nails, timber remnants and an anchor on a ledge. McFadyen admits that non-wreck divers may find it boring but considers it worth a dive or two. The gullies themselves carry kelp, sponges and reef fish. The Marine Life Network calls it a site only for the enthusiast.

Boat access only, in millpond seas. From Eden (Quarantine Bay ramp or Snug Cove) run south past Red Point and the tugs towards Mowarry Point, about 15 minutes. McFadyen's mark puts you off a small point that juts north from the shore; the wreck is scattered in the long gully east of the point, with a major piece of hull on the sand in front of the second gully.

Anchor on the reef.

McFadyen says you need westerly or southerly winds and absolutely millpond seas, because the wreck lies in gullies against an exposed shore that faces the open sea. Any easterly swell makes it unsafe. Sand movement after storms can expose or bury parts of the hull.

Drop to the reef and swim south-east to the sand in the second gully. Follow it north-east to 20–21 m and look 5–10 m out on the sand for exposed hull timbers and keel. Swim back up the gully, cross the ridge west into the main gully and follow it up to 5 m (mostly on the left), then cross and work back down the other side, looking for the anchor on a ledge and scattered iron, copper and timber.

Protected under the Underwater Cultural Heritage Act 2018.

No operator runs it regularly; Merimbula Divers Lodge or Dive Eden could arrange it for wreck enthusiasts in calm weather. The Marine Life Network describes it as only for the enthusiast.