( CNN ) -- One man 's trash is another man 's treasure . Admittedly , it helps if the trash comes from one of the most famous billionaire businessmen on the planet . When Richard Branson zipped across the Atlantic in the record-breaking time of three days , eight hours and 31 minutes , in 1986 , his magnificent powerboat was held up as the cutting edge of design . But almost 30 years later , the $ 2.3 million Atlantic Virgin Challenger II which captured our imaginations , had been left to rot in a remote Spanish boatyard . Until now . A British boat builder -- who as a teenager watched Branson thump across the waves in style -- has rescued the iconic powerboat from the scrapyard in an ambitious plan to restore her to former glory . `` She looked so sorry for herself , tucked away in this boatyard , surrounded by numerous other boats rotting away in a type of nautical graveyard , '' said boat builder and new owner , Dan Stevens . `` It was such an amazing boat and an amazing achievement -- a piece of maritime history . We want to restore her and bring her back to the UK where she belongs . '' Branson himself has backed the ambitious project , tweeting : `` So many memories on Virgin Atlantic Challenger II , would be great to see it back on the ocean . '' Indeed , footage of a young Branson speeding from New York to Britain 's Isle of Scilly in a sleek 22-meter powerboat , epitomized the technological spirit of the era . After all , this was 1986 : IBM had just unveiled its first laptop , the Soviet Union was launching the Mir Space Station and Tom Cruise kept daring us to fly ever higher in the hit film `` Top Gun '' . Yet peer inside Challenger II today , and you 'll find a sagging , faded 1980s time warp . `` It 's like stepping back in time , '' Stevens said of the boat which had notched up just 800 hours on the clock . `` It still has all the Virgin livery , original charts , electronics and seats . '' `` It 's amazing just looking out the window -- a bit like sitting in the front seat in Knight Rider , '' he added , referring to the 1982 TV series starring David Hasselhoff and a sci-fi car . After smashing the record books , Virgin Atlantic Challenger II is believed to have been sold to a Saudi Arabian sultan , whose faded coat of arms still adorns the boat . In 2005 it was sold again to a secret owner who `` kept it in the Mediterranean but rarely used it , '' said Stevens . `` The boat was towed into Palma where she started to degrade quite quickly . '' Work is now underway repairing the vessel which had been left languishing in a boatyard for the last eight years , with plans to test her on the open seas next month . Challenger II will have a new engine , fuel tank , electronic equipment and interior -- all in keeping with the original style . Once complete , the legendary vessel will travel 2,400 kilometers to Stevens ' boat building business , Seahawks Workboats in south west England , with plans to tour her across the country . The vessel had been advertised for $ 380,000 , though Stevens declined to say how much he paid for it . `` She could have very easily been set for the scrapyard , '' he said . `` Many people had seen her , but I think a lot had been scared off by the amount of work needed . '' Challenger II may have cemented her place in maritime history , but it was n't all smooth sailing for the record-breaking Atlantic crossing . Branson 's first attempt at the Blue Riband Transatlantic Challenge -- the award for the fastest crossing of the ocean -- ended in disaster in 1985 when Virgin Atlantic Challenger I sunk off the south west coast of England . Unfortunately for Branson , he was denied the Blue Riband after breaking two rules of the competition - stopping to refuel and using a vessel which did not have a commercial maritime purpose . Regardless , he was showered in champagne greeted by cheering crowds upon arrival in Britain -- despite the pouring rain . Today , Challenger II may be a little worse for wear . But much like that other 1980s icon , film Back to the Future , Stevens may soon turn back the clock on the legendary power boat .
Richard Nixon 's record - breaking speedboat discovered in the boatyard . British boat museum plans to restore Virgin Atlantic Challenger ##s . Virgin Media Group backs ambitious plan to return boat to Britain . Sleek boats epitomized 1980s technological innovations .