There were originally two identical boats bought from France. One got the telescoping rig while the other kept its rig and lived on after the movie. If they blew up one of the real boats I guess it was the telescoping rig one.
Funny story about the boats was when they were shooting the scene where Kevin Costner chase after the thief in the small boat. We can see Kevin at the helm chasing down the smaller boat, but the real crew was below deck where all controls where lead. Gives a whole new dimension to "sailing blindfolded".
I think it was Randy Smyth really doing the helming, but I am not 100% certain about that. There was a nice article in Multihulls Magazine about the boats and movie at the time.