Pete Davidson jokes he and Colin Jost are 'in the hole' after buying Staten Island Ferry

The Staten Island Ferry Pete Davidson and Colin Jost bought may have seemed like a joke or a stoned purchase, but there's a business plan behind it. Sorta.

Before he entered rehab for mental health concerns, Davidson — who shared an update with fellow Saturday Night Live alum Seth Meyers on his Family Trips With the Meyer Brothers podcast regarding how things are going with Titanic 2 (that's the name of their ferry).

Noam Galai/Getty Colin Jost and Pete Davidson in 2015

"So, we just got all the plans built," Davidson said. "We had them do one of those computer-generated, you know, show-you-what-it-could-be type of thing. And now we're out to a few people and it seems like it's all going well, but it's definitely five years away."

Jost and Davidson have been joking back and forth in the media about their boat, with Davidson claiming the pair were "very stoned" when they bought a decommissioned Staten Island Ferry last year for $280,100. Jost, however, refuted Davidson's side of the story, saying he was, indeed, "stone-cold sober" at the time, which somehow makes this endeavor even worse.

But, wait — there really is an end goal to all of this.

"We wanna be able to dock it from April to September, maybe October, in New York and it will be like a restaurant," Davidson elaborated. "There will be a concert venue. There will be a movie theater, upstairs like, sort of, restaurant area. And then there's hotels in it. So, we'll have a couple of those. And then in the winter tug it to Miami."

Meyers, understandably surprised, remarked: "So, you've thought this through."

"Yeah, we have to 'cause we're in the hole!" Davidson joked (according to Entertainment Tonight, they're not in the hole). "Colin called me and he's like, 'Hey, can you hop on this call about the ferry?' And I was like, 'We're still doing that thing?!' He's like, 'Yeah. This is pretty serious.' And it is. I had no idea. I saw a link and sent a deposit and now I'm stuck with a f---ing boat. It's really funny, dude.... It's kinda funny that this will be a lifelong problem for me and Colin."

Related content:

• Colin Jost was 'stone-cold sober' when he bought that ferry with probably stoned Pete Davidson

• Pete Davidson appears to be regretting the ferry he bought with Colin Jost while high

• Pete Davidson shares plans for the boat he bought with Colin Jost: 'Or it could all go to s---'

• Saturday Night Live's Pete Davidson and Colin Jost really bought a boat — and they can't stop laughing about it