The money was raised during a 50-hour sailing marathon held last month, during which club members offered rides to those who wanted to try sailing in return for donations.
Two teenaged club members also spent the entire time sailing around Marsamxett Harbour.
The club this week formally took over the premises at Haywharf that it had been granted by parliamentary resolution.
The club will now be able to embark on a comprehensive upgrade that will enable it to expand its programme of activities.