I found the ad for this old boat on SailingTexashttp://www.sailingtexas.com/scheoylee25101.html
Anyway, the price grabbed my attention, so I took off for an afternoon to have a look at her. I quickly shied away once I realized the amount of work that would be necessary to bring her back. I have no illusions about the amount of effort that wooden boats require of their owners. She's been sitting, unloved for a while, from the looks of it. And I already have one boat too many.
Here's a link to the photos that I took when inspecting her:http://picasaweb.google.com/jmwoodring/CheoyLee#
Still, she could be resurrected to her former beauty, with enough time and money.
The little diesel engine runs well, at least. The sail inventory includes a stunning two sails, main and jib. The deck, cabin, and cockpit all need serious attention. I found several cracked frames, and the rudder has rotted in half, so that would also need to be replaced. It is going to need some serious work, to say the least.
I must also report that the seller left a very negative impression in my mind. He seemed very bitter about the fact that no one wanted to buy his boat. Several times he made condescending remarks about people who kept wasting his time when they didn't know anything about wooden boats. Understandable, I guess, but then he apparently didn't know much about taking care of this one...as the boat was uncovered and on it's way to rot from rain. He told me there was a boom tent/rain cover for the boat, but he had made no effort to put it on...so it seems that he has given up on caring for this boat....
So, if you're looking for a project to last you a while, this could be the one for you. If you were handy, you could even have her sailing by next season.
I'm not sure how the build boats in Hong Kong, but I guess the Cheoy Lee name has stood the test of time. One of my friends from Maryland has a 41 ft Cheoy sloop that he complains about a lot, but I think he's proud of it too. The "Pacific Clipper" seems to be basically a Folkboat, though the designs were modified in later production cycles. Apparently, this particular boat has crossed the Pacific, though whether that was in a crade on a ship or on it's own, I can't say