The yacht was constructed by Stephens Brothers as Hull #575. It was built to the 1920 list of general specifications for a "42 Ft twin engine cruiser."
The original purchase price was $12,000, fully equipped with a complete set of engine maintenance tools, teakwood dining table, dining chinaware, silverware, pots, pans, kitchenware, broom, dustpan, flags, horns, anchors, anchor windlass, pike poles, box of spare fasteners, distress signals, teakwood boarding ladder, drapes, bedding, linens, towels, napkins, fire extinguisher, and four folding yacht chairs.
Originally named LILA M, it was delivered on December 1, 1930 as attested by a warranty and acceptance document of that date. Over the following years, the yacht was renamed ELIZABETH, then BOUNTY, and then ELIZABETH once again.
Notably, BOUNTY served during WORLD WAR II. Immediatly following the Japanese attack on Pearl Harbor, the U.S. Navy enlisted all serviceable small craft over 40 feet in length. BOUNTY and other yachts were inducted at the Oakland Yacht Club on December 8th. It has been reported that the yachtsmen consumed all of the liquor aboard their vessels that day as the Navy would have otherwise unceremoniously disposed of it.
BOUNTY was assigned to the Captain of the Port of San Francisco and given the navy identification YP127. BOUNTY was subsequently repositioned to Monterey Bay for harbor patrol duty and in all likelihood spent the duration of the war in that area.