A yacht once owned by Yugoslavian dictator Marshal Tito is being transformed into a modern superyacht — and the current owner is seeking additional investors for the project.

The 58m (190ft) motoryacht Vis was launched in 1956. She was designed to host national and international dignitaries. Members of the British royal family and actors such as Richard Burton were also entertained onboard.

The steel-hulled vessel has 32 staterooms, teak-laid decks, and diesel-electric propulsion.

According to Luka Raunić of 2pixel, the Croatia-based design firm involved in the refit, Vis was acquired from military officials in 2002.

Her current owner — Arsen Brajkovic, a Croatian businessman —bought Vis to preserve the yacht’s maritime heritage after finding out that there were insufficient government funds to maintain her or transform her into museum.

The goal of the refit is to preserve much of the structure and keep some of the original styling intact. An inspection has shown the hull to be in good shape.

Brajkovic is considering whether to transform Vis into a strictly private yacht or reconstruct her for charter, in compliance with SOLAS. The final decision will be made when additional investors are found.

The design team have decided to power her with diesel-electric propulsion yet again.

The reasoning comes down to a few things, such as the proven reliability in commercial and military applications, less vibration and sound transference, better fuel economy, and smaller dimensions.

The existing engines served her well but needed replacing. The choice — six gensets and two electric motors with permanent magnets. Advantages include efficiency, a smaller footprint, reliability, and lower maintenance.

Once Vis is completed, her anticipated top speed will be 17kt, with cruise speed at 15kt.