Seriously consider 67Hatt's advice. Getting a boat in the $500-800K range and spending the balance on upgrades would be great. He should save at least $100K for making it like he wants it, even if it's new (and don't forget to figure in taxes when you're looking at those prices).
Also just tell him to save some for insurance on his wife. For about 3 years, I had to work real 80 hour weeks, not counting commuting, etc. and that's really as much as I'd ever want to do. Lots of people say they work 80 hours, but 80 actual hours at work is a ton. I can't even imagine 100 hour weeks regularly, which is just work, eat and sleep. I'd take $500K for the boat and a wife that worked 50 hours.
Doug