Last I heard
the Formosa 51 that was the junker was drydocked somewhere for a total overhaul/restoration, but that was a few years ago. It may have been restored before going back on the charter circuit, or it may just be rotting away somewhere, wooden spars and all. The near-bristol sister ship, used later in the movie, was for sale (I saw the ad for it, and the owner mentioned that it was used in the movie) last I heard.
There is another one that winters in my marina, and docks close by. I see it go by every so often. I love looking at it, but wouldn't want to maintain it.