Ken McKay, 79, is a familiar face at the town's Open Air Pool, which he has been visiting since it first opened it's doors almost 75 years ago.
He and wife Elenor, a former Olympic medalist, spend six months of the year at Stonehaven Caravan Park and give up their time to support the Friends of the pool.
Mr McKay still swims 1500 metres a day and is Scottish Masters champion but found himself in trouble during a session at Hamilton pool.
Having completed a warm up of 16 lengths he began to feel unwell and started to slide beneath the surface of the water.
A passing swimmer managed to grab him and alerted lifeguard Theresa McCallum but when he was pulled from the water Mr McKay had stopped breathing and they could find no pulse.
He was given mouth-to-mouth resuscitation and CPR and regained consciousness five minutes later. He was then taken to hospital by ambulance for treatment.
Mr McKay said: "I was hoping to break the Masters record in a number of events and I think I over did it in training.
"I blacked out and I'm just grateful the lifeguards were there to help.
"I have heard quite a few rumours in the town that I have died but I can reassure everyone that is not the case and I'm certainly still here!"
Mr McKay has won scores of titles, six at world championship level, in a Masters swimming career which has spanned 30 years.
In September he won all six of his races at the Inverclyde Masters Championship at Greenock, one of them in record time.
But the scare, thought to have been caused by a heart murmur, is likely to bring his racing days to an end - though Mr McKay assured the Leader he will be back in the water at the open air pool when it opens its doors again next season.
"The doctor has advised me to call it a day but swimming is like walking to me," he said.
"I'll still go in the pool to bathe but not for competitive swimming.
"I love to swim at the open air pool and I intend to be back there for the 75th anniversary celebrations."