Complex sentence: Contrary to a previous report, President Theodore Roosevelt did not go hunting on this industrial island but rather the Townsend-Downey Company built a yacht, The Meteor III for the Kaiser Wilhelm of Germany.
Split into simpler sentences: Contrary to a previous report, President Theodore Roosevelt did not go hunting on this industrial island. The Townsend-Downey Company built a yacht, "The Meteor III" for Kaiser Wilhelm of Germany.