The vehicle first unveiled in 2006 is scheduled to go on sale in the US by the end of this year for about $US40,000 each, the Associated Press reported. A standard all terrain vehicle costs between $US4400 and $US10,000 in the US.
Michigan-based Gibbs Sports Amphibians Inc hopes to sell the Quadski worldwide by 2014.
The vehicle is a jet ski with four wheels that travels on both land and sea. It is powered by a four-cylinder BMW-supplied engine and can drive up to 72km/h on land.
The Quadski features a lightweight, fibreglass hull and front wheels that rise mechanically when the vehicle hits the water.
One of his amphibious vehicles is featured on the cover of a biography about Mr Gibbs written by Paul Goldsmith released earlier this year.
Mr Gibbs is one of New Zealand’s wealthiest men and the book tells how he regarded the purchase of Telecom New Zealand from the government in 1990 as the deal of a lifetime.
The one-time died-in-the-wool socialist became a free-market advocate and dealmaker in the 1980s.
His private company also developed the Aquada, an amphibious car which debuted in 2003 and goes 160km/h on land and 48km/h in the water.
Virgin Group CEO Richard Branson used an Aquada in 2004 when he set an amphibious vehicle speed record crossing the English Channel, but the vehicle never made it into mainstream use over safety concerns.
Mr Gibbs has also built the Humdinga, a heavy model 6.6 metres long, intended for military use.
His company plans to develop the Phibian, a 9-metre long version.
He owns Gibbs Farm, a sculpture park in Northland.