sadly as his 36-foot yacht sank for the second time in Castle Harbour yesterday.

Dr. Burnett-Herkes and some friends -- with the help of a Government tug boat -- had just managed to salvage Iolanthe from the bottom of the ocean, where she ended up after breaking loose from her moorings in stormy weather on Monday.

He believes the yacht broke loose when her moorings chain ripped off the cleat securing it to the vessel.

Iolanthe went down after striking some rocks off his Hamilton Parish home, ironically named "Rugged Rocks''.

A grim-faced Dr. Burnett-Herkes said he had no idea how many holes the rocks had torn in her, but guessed the damage was "bad''.

He said he bought the 16-year-old fibreglass-hull yacht overseas about a year ago and had enjoyed many weekends sailing around Bermuda. He had no comment when asked if she was insured and how much she was worth.

Iolanthe had been brought to the surface around 10 a.m. yesterday after a two-day salvage effort, and was being towed to a slip for repairs when she sank again with five men on board.

It is understood her bilge pumps were not pumping fast enough -- and the rough seas and rain showers made matters worse.

The yacht was left beached on a sandbank just off Tucker's Town with about half of her mast sticking above water. Dr. Burnett-Herkes said he would try to surface her again today.

UP ... AND DOWN AGAIN -- A tug boat and friends of Dr. James Burnett-Herkes help him tow his yacht Iolanthe to shore. But just after they managed to salvage it from the bottom of Castle Harbour, it sank again off Tucker's Town, settling on a sandy bank.