
While Sydney was being blasted by severe storms, the 45-foot boat broke its mooring at Royal Sydney Yacht Squadron on the night of June 16 and rapidly began taking water. Kirribilli residents woke on Sunday morning to see the classic yacht's wooden mast sticking skywards from the harbour.
Sir James is in Europe ahead of the America's Cup, but his wife, Lady Joan, told Adelaide Advertiser reporters that he would be devastated.
"I'm going to have to break the bad news to him. It's been in his family since he was one year old and it means so much to him," said Lady Joan, adding that she understood the boat was still salvageable.
Sir James, 73, is an Australian sailing icon. The former Olympic sailor and America's Cup skipper retired from racing this year after sailing the Adelaide to Port Lincoln race on Hardy's Secret Mens Business.