When Jimmy Carter took office in 1977, he sought to make good on his election pledge to strip the White House of the trappings of an "imperial presidency."
And with running costs totalling $800,000 a year, the Sequoia had to go.
Later, Carter revealed that selling the vessel was a decision he came to regret.
"People thought I was not being reverent enough to the office I was holding, that I was too much of a peanut farmer, not enough of an aristocrat, or something like that. So I think that shows that the American people want something of, an element of, image of monarchy in the White House," he told the JFK Presidential library in a 2011 interview.
After its sale, the yacht had a succession of owners.
It was designated a National Historic Landmark in 1987, spent the '90s in a shipyard, and ran chartered cruises until 2014.
However it fell into disrepair, and, according to a CBS News report in 2016, was decaying in a Virginia dry dock, overrun by raccoons.
It is currently owned by investor Michael Cantor who is restoring the vessel. In a 2017 interview with Town and Country magazine, Cantor said he was determined to return it to its former condition.