Cheoy Lee 48 – Iolani III – February 2014 Published in February 27, 2014 Go! The stunning Cheoy Lee Ketch Iolani III has found new owners and will now reside on the Central Coast. Ron fell in love with the yachts classic looks and was willing to get stuck in to some of the maintenance tasks that will make the yacht his own. After 40 years in the same family, it’s nice to see Iolani III staying on her home waters of Broken Bay and Pittwater.