Air Force One is occasionally referred to as the "flying Oval Office." Forty years ago, there was a floating Oval Office, too.

Now, a group of investors and master boatbuilders are working together to restore it.

A 104-foot wooden yacht that was once considered the height of luxury was purchased by the US government in 1931 from an oil tycoon to be the official vessel for the highest office in the country. That "floating White House" then served eight presidents, from Herbert Hoover to Jimmy Carter, between the years of 1933 and 1977.

The USS Sequoia could accommodate up to eight people across five staterooms, but could also host more than 20 for dinners and parties. JFK even had his 46th birthday party on board. The vessel has a storied history, with presidents cruising on it for both leisure and business.

Jimmy Carter sold the USS Sequoia at auction in 1977, and since then, it has changed hands many times. Over the last decade, it has fallen into decay and been the focal point of a lengthy legal battle.

The yacht, which has been home to a family of raccoons in Virginia in recent years, was barged to Belfast, Maine, earlier in October to begin the restoration process.

Keep reading for a look at the vessel and its history.