The SL700 was developed as a custom project for a Caribbean client who wanted a yacht-quality boat capable of high speeds. Project manager Everett Sutton, who was general manager at Magnum Marine for 12 years, contracted John Cosker to design, engineer and build the boat at his Mystic Powerboats facility. Cosker is well known in racing circles for vessels that travel in excess of 200 miles per hour.

The $4 million yacht is available in the open cockpit version with a hard top, as shown in the photo at left, or with an enclosed, air-conditioned cockpit. It has a stepped hull with 24 degrees deadrise at the transom and surface-drive propulsion. The interior is trimmed in African mahogany and granite and finished to yacht-quality standards.