Federal agents Wednesday seized a sailboat that was once owned by President Kennedy (search), saying the boat's current owner bought it with proceeds from a large-scale marijuana trafficking operation.

Kennedy bought the Star Class sloop "Flash II" in 1934 and sailed it in races off Hyannis. He sold the boat in 1942 just before shipping out for World War II.

Federal prosecutors said Gregory Olaf Anderson (search) bought the boat in 1996 with proceeds from his marijuana smuggling and distribution operation. He had invested $12,000 to $15,000 to buy and refurbish the sailboat, and was hoping to sell it for more than $1 million because of its association with Kennedy, authorities said.

Acting on a tip from a cooperating witness who was Anderson's partner in the alleged drug operation, DEA (search) agents seized the boat from a storage facility in Marblehead, about 15 miles northeast of Boston.

Samantha Martin, a spokeswoman for the U.S. Attorney's office in Boston, said Anderson had not been charged in connection with the seizure and was not in federal custody. She said the case remains under investigation.

Anderson was arrested in Arizona in 2001 and sentenced to a year and a half in prison for transporting 1,300 pounds of the informant's marijuana, according to prosecutors. They said that after Anderson was released, he contacted the informant to discuss starting up another trafficking business.

Anderson could not be reached Wednesday. Prosecutors would not say where he was living, but in an affidavit, the cooperating witness said he lived in Florida.