The Mystery made one stop. Picture copyright Royal Cornwall Museum

His trip will follow in the wake of seven Cornish seamen who completed the journey in a Cornish Lugger, called Mystery, more than 150 years ago.

Mr Goss is building a similar vessel in honour of the original boat.

In 1997 he became an MBE for the dramatic rescue of a fellow competitor in a round-the-world race.

Devon-born Mr Goss, 45, who now lives in Torpoint, Cornwall, has called his boat Spirit of Mystery in honour of the original vessel.

He said the project was something he had wanted to do since he heard about the voyage of the Mystery.

Life is for living and this, for me, is life at its best Pete Goss

Seven Cornishmen, all shareholders in the Mystery, made the decision to try their luck at the Australian gold rush over a pint in the Star Inn, Newlyn, Cornwall.

Leaving Newlyn in November 1854, the Mystery travelled about 11,800 nautical miles in 116 days before arriving in Melbourne in March 1855.

The only break in the voyage was a week in Cape Town for repairs and replenishment.

A log entry from 6 March 1855 said: "A terrific gale of wind, heaviest so far experienced.

"Our gallant little boat rides the mountains of sea remarkably well. Not shipping any water, dry decks fore and aft.

"I am confident she is making better weather than a great many ships would, if here."

No toilet

Now Mr Goss is building Spirit of Mystery in a boat yard at Millbrook, Cornwall, to mark their achievement.

Although there will be concessions to safety, there will be no engine, toilet or modern electrical and navigational systems.

So far, the keel, stem and stern have been laid for the boat which is due to be finished in June 2008.

He said: "I have always wanted to build a wooden boat and relish the challenge and adventure of sailing such a small vessel to Australia.

"Life is for living and this, for me, is life at its best."