Back when we ( my brother and I ) were growing up, we ( father included ) came across a sailboat in yard. We bought the "project" for $500 and I think we spent too much. This event was going to set the example from my father for the rest of my life. Teaching me a lesson I am cursed with to this day. The lesson is... that everything can be restored... and it usually costs a hell of a lot more then buying a new one... but can be a hell of a lot of fun if you don't go broke or have to give it away in boxes uncompleted.
With that said, the Comet was an old, decrepit wooden boat, with a mast somewhere in the barn laying in the front yard of the house. At first it looked like very large dingy but my dad knew otherwise. We got it, loaded it up in something I cant recall and hauled it off to the garage.
Let the restoration begin. I believe this one was about a year... maybe 2. Complete overhaul. New everything except for the wood in the outer shell of the hull, the wooden part of the mast and the sails. I couldn't imagine what it costed... thankfully my dad worked in aviation and came home from the shop with many new "things that the guys" made him.
I wish I had some photos of it. It truley was a beautiful boat.