FOR IMMEDIATE RELEASE
Monday, December 4, 2006
IYRS Announces Agreement to Restore Historic 1885 Vessel
Coronet Restoration Partners To Assume Ownership of Coronet and Responsibility for its $12-15 Million Dollar Restoration; Coronet will be restored in Newport
Newport, RI - The International Yacht Restoration School (IYRS) announced today that it has reached an agreement with Robert McNeil of Coronet Restoration Partners (CRP) that will result in the restoration of the historic schooner Coronet. The school acquired the 110-year old vessel in 1995 and has housed and stewarded the boat for the past eleven years, including developing plans and making initial investments for its restoration. In September 2005, IYRS’ board determined that it would suspend its restoration efforts because of the need to focus on the school’s educational programs, and would seek a partner to lead the Coronet restoration. In July 2006, the school announced it was entering into negotiations with Dr. McNeil to transfer ownership of the vessel to CRP in exchange for CRP restoring the vessel at IYRS using IYRS graduates and regularly making Coronet available for public benefit. Today’s announcement represents the successful conclusion of those negotiations, and the agreement will be celebrated at an official “signing ceremony” at the school on December 13th at 2:00 p.m.
“I have been looking forward to this day since Coronet arrived here in Newport over a decade ago,” said John Mecray, IYRS co-founder and board member. “Thanks to the hard work of the IYRS team and the team at Coronet Restoration Partners, Coronet’s future has been secured. This once glorious vessel is going to be restored to its full Gilded Age splendor for future generations to enjoy, and it is going to happen here in Newport at IYRS.”
Agreement Calls For Authentic Restoration and Public Access
Coronet Restoration Partners will be a Rhode Island limited liability partnership organized by Robert McNeil, Ph.D. Dr. McNeil will continue the relationship with San Francisco-based Jeffery Rutherford of Rutherford Boat Works in the restoration. Mr. Rutherford has been instrumental in restoring other substantial historic yachts for Dr. McNeil and is excited to begin working on Coronet.
“Restoring Coronet promises to be the most rewarding restoration Jeff and I have undertaken; not only because of the vessel’s unique historic place, but also because of the special educational relationship we will have with the International Yacht Restoration School going forward,” McNeil said.
The agreement between IYRS and CRP outlines the relationship the two will have as well as some of the public benefits that will result from CRP’s commitment to restoring Coronet. Some of the highlights of the agreement include:
- Coronet will be restored to nearly its original 1885 condition, fully seaworthy with only sails for power, oil lighting, and wooden trunnel fasteners instead of metal nails or screws.
- Visitors to Newport will be able to view the restoration in progress at the school’s facility on Thames Street.
- Once Coronet is restored, CRP will periodically open the yacht for public tours while docked at various museums, teaching institutions, and related maritime centers.
- CRP will regularly allow the school to use the restored vessel to advance its educational mission.
Much of the restoration will take place at the school, and both IYRS and CRP anticipate that IYRS graduates will work on the vessel.
Partnering With Private Restorer Recognized As Wise Decision
The Coronet agreement represents that latest in a series of agreements around the country in which historic assets are saved and restored in some important cases by transferring them into private hands In 2000, the boyhood home of Robert E. Lee in Alexandria, Virginia, was converted from a museum to a private residence. The house was in an extreme state of disrepair and the museum lacked the funds to restore it. The new owners agreed to restore it and to occasionally open portions of the property for public tours.
Widespread Support For School’s Decision
While budgeting for the completion of the restoration of Coronet is difficult to estimate the project is expected take three to five years to complete. Once restored, maintaining and operating the vessel will require substantial continuing expenditures. CRP has willingly embraced these commitments.
Since informing its donors and supporters in September 2005 of its plans to suspend its restoration efforts, and subsequently informing them in July 2006 of its decision to enter into an agreement with CRP, the School has received an overwhelmingly positive response to its decisions regarding Coronet.
“The community spoke,” said Terry Nathan, IYRS President. “For a decade, the school was only able to raise from philanthropic sources a fraction of the cost of the restoration. The people who have talked to me about this are pleased the school is focused on its core educational mission and has found a way separately to get Coronet restored.”
About IYRS
Founded in 1993, IYRS offers a two-year accredited program in traditional boat building and restoration. The school has become a valuable training resource for the marine industry and is in the process of expanding its short-term career training for employees of boatyards and boat builders. The school’s waterfront campus on Thames Street includes the 1831 mill building, now slated for restoration. IYRS students have restored an entire fleet of classic watercraft, many of which are now sailing throughout New England.
For more information, contact:
Susan Daly
401-848-5777 x220
sdaly@iyrs.org