How much does it cost to upkeep a wooden sailboat?

I'm either purchasing or having a builder build me a 50ft-ish classic sailing ketch/wooden yacht. Ultimately i'd love to have a wooden frigate of the old world, but i've learned that, that is just a dream because of the cost for such a project and the number of men it would take to man such a ship. Anyway, i'm near retirement and this has been a dream of mine since i was a kid (to sail a tall ship). I've been looking around and it looks like it would cost me anywhere between 400k and 700k USD for a decent ship. I'm barely going to begin sailing classes at the Sailing Academy but i want to start getting an idea of how the maintanence is going to cost me. Can anyone give me a detailed/informative answer?