Don’t be fooled by the old-fashioned look: The 125-footer above is a new yacht, the first new-build Trumpy to be sold in 35 years, in fact. And she’s not alone. There’s a 138-foot sailboat (below) under contract, too – for the same owner.

Thus marks the return of arguably one of the most famous names ever in the yachting world. And in an exclusive interview I had yesterday with both the CEO of Trumpy and the owner of the two yachts, I learned that they are convinced their approaches are reflective of the buyer-centric market we’re currently in.

First, a bit of history. Yacht owners and enthusiasts among you no doubt recognize the Trumpy name. John Trumpy & Sons was responsible for the creation of 450 wood boats starting in the early part of the 20th century, lasting right through to 1974. Notable names ranging from the DuPont family to the Guggenheims and even Chrysler family owned Trumpys, as did actress Josephine Baker and recluse Howard Hughes. Even American Presidents and dignitaries were treated to life aboard a Trumpy: the 104-foot Sequoia, which is still around.

Many other Trumpys have remained on the water – and one in particular inspired the revival of the company. The 1969 build Showtime, a 63-footer, has served as a floating product showcase and meeting room at boat shows for the past several years. Jock West, a marine-industry marketing representative, and other industry veterans refitted Showtime for these purposes and received so many positive comments about the yacht’s design that they approached Johan Trumpy, the Trumpy founder’s grandson (and who also worked at the original yard), to gauge his interest in building new versions of the famed designs. They suggested building the boats at Vicem Yachts, given its experience with cold-molding techniques and reputation for excellent woodwork.

The new Trumpy Yachts team, including CEO Jim Ewing and Johan Trumpy, began meeting with clients at this past winter’s boat shows. The Palm Beach show proved particularly fruitful, as that’s when Alex Suarez, a former banking CEO and founder, visited the display. Suarez tells me that for about the past three years, he’d been interested in buying a yacht and had actually originally planned to purchase a 1920s-era Trumpy. In fact, he’d considered Sequoia and the 1935-built, 96-foot El Presidente (now known as Innisfail), but “I never pulled the trigger.” When he discovered Trumpy was resurrected and that Vicem, which he says offers “great value,” was involved, he was intrigued. He was further attracted to the idea of commissioning a new Trumpy when he learned the original company had built a handful of sailing yachts for family members and select clients. Suarez says that at one point, he’d considered buying a Perini Navi, since he had an affinity for the style.

So, instead of commissioning one boat, Suarez explains, he decided to sign a contract for two: a motoryacht and a sailing yacht. And oh yes, two 21-foot mahogany tenders to accompany each megayacht, also to be built by Vicem.

The 138 and 125 will each embrace the traditional Trumpy look. “We think we’ve done a very good job at that,” Ewing says. “When viewed in the harbor, you’d think you were looking at a ‘20s boat.” The motoryacht borrows elements from the 105-foot Truant, built in 1928 for Truman Handy Newberry, the U.S. Secretary of the Navy under President Theodore Roosevelt (and later a U.S. senator). The sailboat is based on John Trumpy’s sketches of four sailboats he owned, each christened Sea Call, with additional input from Johan Trumpy, Ewing, and Bill Langan of Langan Design.

Each of the projects will showcase modern twists on features, too. For example, the sailing yacht will include two tender wells, which can convert to saltwater lap pools when the boats are offloaded. On the motoryacht, the smokestack opens up to reveal a Jacuzzi and sun deck, and – unheard of for a 125-footer – there will also be a convertible helipad. Wine “cellars,” full-beam master suites, and VIP staterooms that can convert to queen or king configurations are additional highlights of both yachts.

Another modern twist: Both boats will be offered through fractional ownership. Suarez established a company called Classic Yacht Partners to manage the program. He says he’d read about a variety of fractional ownership plans but was dissatisfied with what he felt were “excessive markups and some built-in conflicts,” plus how some catered to smaller boats and had poor governance. With the 125- and 138-footers, which are scheduled for launch in 2011, up to 10 owners apiece will be able to use the yacht 25 days per year, with five more conditional bonus days, at $1 million per yacht. Suarez believes his banking background has helped him offer a plan that’s more respectful about fraud concerns and other business concerns, and that there are a number of clients out there who can afford their own yacht but prefer to match their usage to a share of ownership instead.

Suarez also believes that partial ownership – or “co-ownership,” as he prefers – helps lower owners’ carbon footprints. In this day and age, “If you don’t even try (to lower the footprint), you’re going to be criticized,” he explains, adding that it’s also key to be aware of overstating how much a plan can reduce emissions. With fractional ownership, “it’s one-tenth the impact versus 10 new yachts being built,” he says.

Related to the topic of impacts, there’s a financial pledge that Trumpy has made to Suarez and plans to offer all future clients who commission 100-foot-plus yachts. It’s a fixed-fee structure, in which Ewing says “the best equipment at the best value” will be selected, and Trumpy won’t accept financial incentives from third-party suppliers. Trumpy and Vicem will still strive for equipment and labor savings, but the yachts won’t be marked up at the expense, literally and figuratively, of buyers.

Working with the Trumpy team thus far has been “a very pleasurable experience,” Suarez says. Ewing concurs, pointing out that the two yachts went from concept to completed drawings in about four months, “remarkably quick” because of the rapport with Suarez.

There’s a long way to go before either yacht gets her first taste of water – but more important, it seems clear that Trumpy intends to be around long after the launches occur.