The Margordel was built over a 7-year span in Somers on the Mornington Peninsula, Victoria, Australia by Mr Gordon Fletcher. Mr Fletcher was an engineer responsible for the electrification of the Victorian railway network and was the Deputy Commissioner of Victorian Railways.   This project was the fourth boat he had constructed.

The Margodel was launched at North Wharf, Melbourne on the 9th of November 1954 by crane, following a challenging transfer by police escort from the top of the hill at Somers. Despite several articles covering the launch, its fate in the following years was a mystery until it was rediscovered in a paddock near Liverpool, Sydney, by Richard Winning in 1990.

Mr Winning, who owned Woolwich Marina at this time, had his master shipwrights undertake a 3-year restoration from the hull up. This restoration included the cabin design, which remains in place, all new electricals, new Gardner 6LVB engines and a complete interior fit-out. The Winnings kept her in immaculate condition until sold to Dale Banning in 2000 for $500,000.

Mr Banning kept the Margordel at the Royal Motor Yacht Club in Port Hacking for several years, then moved her to a Mooring at Yowie Bay where she was left to rot.