Lapsley has had a lot of interest in the project.
"You can trace all of these jet boats all back to this one boat.
"You can trace every jet ski from the success of this one boat.
"So it's pretty special."
Lapsley was keen to resurrect this part of New Zealand's history to prove the world's first successful jet boat worked just as it did in 1954.
He used photos to help recreate the vessel, although few original materials were used.
He said because it is based on the 1950s design, the boat's handling isn't the best.
"(It's) terrible, could be described as underwhelming.
"But that's 1954, that's what started it all.
"You know, you can't expect it to go like a modern jet boat with 30 horsepower, the modern ones have got 400."
"To bring this back to life is pretty special, and especially when people look in it and they say: 'Oh is this the original?' And that's the reaction I was looking for."
Lapsley will be showing off his piece of maritime history at the New Zealand Antique and Classic Boat Show in Nelson this weekend.
- By Geoff Sloan, made with the support of NZ On Air