When Wiley Reynolds sailed on Bill Koch’s winning team in the 1992 America’s Cup race, the thought that he someday would be a yacht builder seemed preposterous. Within three years, however, Reynolds was doing just that, although his finished vessels weren’t full-sized boats, but rather radio-controlled replicas of an America’s Cup Class yacht.

After winning the cup, Koch decided to finance an all-women’s team in 1995. To help fundraise and to round up sponsors for that effort, Reynolds, who was a model airplane enthusiast and who also was (and still is) licensed to fly planes and helicopters, made a radio-controlled model yacht to be displayed at promotional events. With a successful commercial real estate career already developed, Reynolds, didn’t build the model with aspirations of turning it into a profitable enterprise, which is why he was surprised—and somewhat overwhelmed—when he started receiving requests from numerous prospective customers. "As soon as it was out there," Reynolds recalls, "people started asking, ‘Will you make one for me?’"

In keeping with the competitive spirit of the America’s Cup, a Paris-based regatta was organized for Reynolds’ model yachts. That regatta, which was sponsored by the Yacht Club of France in 1996, included a cocktail party thrown by Tattinger Champagne and saw noteworthy companies like Louis Vuitton donate prizes for the winners. More regattas soon followed, in locales as far-flung as Cody, Wyo.; Palm Beach, Fla.; and Gstaad, Switzerland. "The Swiss are very serious about their regatta in Gstaad," says Reynolds, explaining that the winter event combines downhill ski racing with model yachting in the pool and has attracted attendees the likes of King Constantine of Greece and the Aga Khan.

Reynolds estimates that he’s sold about 300 of his Challenger yachts and says that the model, which costs $6,250, conforms to A3 Class—an international racing distinction with its own set of specifications and rules. Each yacht is 57 inches long, rises 88 inches above the waterline (the total height from the top of the mast to the bottom of the keel is 116 inches), and includes a hull made of carbon fiber and Kevlar—the same materials used in the construction of full-sized America’s Cup yachts. Boasting a 12-inch beam; fittings made of titanium, stainless steel, and chromed brass; and weighing slightly more than 15 pounds, each Challenger yacht also comes with a swiveling stand and is packed in an aluminum carrying case about the size of a golf bag. Once a new skipper becomes familiar with the setup, assembly takes only 10 minutes, and the craft is fit for both fresh water and ocean sailing.

While some people buy the boats specifically to attend the regattas, the main reason to purchase these high-performance sailboats is just to have fun. And as with the actual America’s Cup experience, says Reynolds, "it’s very tactical sailing."

Challenger Model Yachts, www.modelyachts.com