The 22.93m Tiakina was built in 1953 as a pilot boat for the Wellington Harbour Board, but in recent times has been laid up at Careys Bay.
Its owners, Lindon and Paula Colloty, said yesterday they bought the boat from one of Swann's companies last August.
They were told proceeds from the sale were to be used to pay for Swann's defence.
On December 5 last year, after a three-week trial, Swann and his friend, Kerry Harford, were found guilty of defrauding Swann's former employer, the Otago District Health Board, of $16.9 million.
The pair are in custody awaiting sentence on March 11.
Mr and Mrs Colloty said the High Court had agreed to the sale but it had taken some time to complete the deal so that they were certain they had "clear title".
They declined to say how much they paid for the boat, but Mr Colloty said it was in a poor state of repair when they bought it and it cost $15,000 just to repair the electronics to allow the engines to run.
After Swann's conviction, Otago District Health Board chairman Richard Thomson said it was "pretty galling" that Swann was allowed to sell some of his assets to help fund his legal bill.
The board is waiting for reparation orders before deciding whether to pursue a civil case.
It estimates the value of Swann's assets at between $4 million and $10 million.
Mr and Mrs Colloty have extended Tiakina's superstructure to allow more space for passengers, and for a galley, and they are also creating three "staterooms" for overnight guests.
They plan to run corporate and up-market charters inside the harbour and are considering overnighting in Hamilton Bay, beyond Deborah Bay.
The couple, both from Dunedin originally, have spent more than five years working on "super yachts" in the northern hemisphere and plan to offer a high standard of food and wine for guests.
Mrs Colloty said they were keen to ensure their charters remained local and they were not planning to seek regular charter work along other areas of the coast.
"Obviously, in the current economic climate, it will be a slow start, but we're here for the long haul."
