I'm a total landlubber but found that article truly irritating for the way it occasionally used 'boat' (and even 'yacht') to describe such a large multi-masted ocean going ship.

It's a ship.

And not to be too much of a complaining pedant, yes it is also a yacht, but isn't a far better description something like 'three-masted schooner?
It's more like a tea clipper than your average yacht!

Fabulous ship, one of the good things of having ridiculously wealthy individuals is that things like this are built.

I got a bit of an education in the very lucrative business of government in Annapolis harbor. There were so many multimillion dollar yachts- hundreds of them.