Forget about the yacht for a moment. James B. Hammond was a millionaire who made his fortune with his invention, a typewriter you can read about at the Virtual Typewriter Museum.
This article describes Hammond as an eccentric millionaire. The yacht is just a small part of this profile.
“They call me eccentric,” he said, in a tone of deep disgust for those who said this, “but I really do not see why a man is not privileged to live his own life in his own way.”
Seated in a high adjustable chair in a big room, chiefly conspicuous for its view of the Hudson, Mr. Hammond was found in amiable companionship with his dog and his canary…
MILLIONAIRE TO MAKE HIS HOME ON A 95-FOOT YACHT: James B. Hammond Is Building the Lounger II., According to His Own Notions, with a Garage and an Aquarium Aboard and State-rooms Artificially Cooled. (PDF)
From June 25, 1911