The Prinz Valdemar was a 241' steel hulled schooner

Schooner

A schooner is a type of sailing vessel characterized by the use of fore-and-aft sails on two or more masts with the forward mast being no taller than the rear masts....

 named after Prince Valdemar of Denmark

Prince Valdemar of Denmark

Prince Valdemar of Denmark, GCTE was a member of the Danish Royal Family, the youngest son of Christian IX of Denmark and his wife Luise of Hesse-Kassel...

. It was built in 1891 in Elsinore

Elsinore

Helsingør is a city and the municipal seat of Helsingør municipality on the northeast coast of the island of Zealand in eastern Denmark. Helsingør has a population of 46,279 including the southern suburbs of Snekkersten and Espergærde...

, Denmark

Denmark

Denmark is a Scandinavian country in Northern Europe. The countries of Denmark and Greenland, as well as the Faroe Islands, constitute the Kingdom of Denmark . It is the southernmost of the Nordic countries, southwest of Sweden and south of Norway, and bordered to the south by Germany. Denmark...

 along with its sister ship Prinsesse Marie, as one of the last great ships of the sailing ship

Sailing ship

The term sailing ship is now used to refer to any large wind-powered vessel. In technical terms, a ship was a sailing vessel with a specific rig of at least three masts, square rigged on all of them, making the sailing adjective redundant. In popular usage "ship" became associated with all large...

 era. It was based in Esbjerg

Esbjerg

Esbjerg Municipality is a municipality in Region of Southern Denmark on the west coast of the Jutland peninsula in southwest Denmark. Its mayor is Johnny Søtrup, from the Venstre political party...

, although registered on the nearby island of Fanø

Fanø

Fanø is a Danish island in the North Sea off the coast of southwestern Denmark, and is the very northernmost of the Danish Wadden Sea Islands...

. The ship was sold to Norway

Norway

Norway , officially the Kingdom of Norway, is a Nordic unitary constitutional monarchy whose territory comprises the western portion of the Scandinavian Peninsula, Jan Mayen, and the Arctic archipelago of Svalbard and Bouvet Island. Norway has a total area of and a population of about 4.9 million...

 in 1911 and to the US in 1916. A model exists at the Customs Museum of Copenhagen

Copenhagen

Copenhagen is the capital and largest city of Denmark, with an urban population of 1,199,224 and a metropolitan population of 1,930,260 . With the completion of the transnational Øresund Bridge in 2000, Copenhagen has become the centre of the increasingly integrating Øresund Region...

.

Miami harbor

The ship sank in the mouth of the turning basin of Miami harbor on January 10, 1926. It was on its way to becoming a floating hotel, during the heady days of the Florida land boom of the 1920s

Florida land boom of the 1920s

The Florida land boom of the 1920s was Florida's first real estate bubble, which burst in 1925, leaving behind entire new cities and the remains of failed development projects such as Aladdin City in south Miami-Dade County and Isola di Lolando in north Biscayne Bay...

. Railroads had already begun raising shipping rates in response to the strain created by the population boom, and when the sea route to Miami was blocked the city's image as a tropical paradise began to crumble. Investors were seeing primarily negative press on Miami by 1925, and the rising prices that fueled the land boom stopped rising. The first Miami real estate bubble had burst.