We have obtained optical and near-infrared imaging photometry of the irregu
lar variable V12 in NGC 2403 (SN 1954j), roughly 50 years after its giant e
ruption. The observations confirm that the star survived the event and that
it was therefore not a peculiar supernova but instead was an eta Carinae-l
ike eruption. Variable 12 is now very faint and red, which could be due to
extinction and reddening of a hot star by circumstellar dust that formed in
ejecta from the giant eruption in 1954. A clear excess at similar to2 mum
probably indicates thermal emission from hot circumstellar dust.