The yacht was originally built for the millionaire Vanderbilt, and then owned by the Beatles, until sold in 1982, when it was converted to a restaurant on Funchal's promenade. It is the only one of several restaurants and bars to survive in situ in the redevelopment of this area of the seafront that is taking place around it.
See http://www.pbase.com/alpiner/image/96578422
and
http://www.pbase.com/alpiner/image/150452682