Free Beneteau!

[Project_Mayhem]

I found what I believe is a hurricane damaged 2004 Beneteau 311 who's current bid is $15. From the pics I can see that it needs a new mast. I'm guessing it needs a new sail or two, standing rigging, possibly a boom. I do not see any other damage. I would also need to transport it from Florida to Chicago. Here's my guess for ballpark pricing on these items. Please let me know if I'm correct

• Transportation $10,000
• Boom $2,000
• Mast & Rigging $20,000-25,000
• Mainsail $4000
• Jib $2000
• Misc $3500

I see the top of the mast sitting in the cockpit so perhaps it can be sleeved or welded back together. From the looks of it, I'm guessing this isn't worth the risk. Auction ends tomorrow so no chance of an inspection prior to the sale. Nobody said I can't do one afterwards though

 

[dlochner]

The most expensive boat you can buy is a free one.

 

[Ralph Johnstone]

Any idea if it had been underwater at any time ? If so, I think you'd pretty well be rewiring the entire boat .

 

[rgranger]

I'm sure there is more than $15 worth of parts on that boat.... you could skip shipping it if you find it to be in worse shap than the pics show... and just bring a sawzall and start removing the good stuff.... but... that is still a lot of work...

 

[Project_Mayhem]

The most expensive boat you can buy is a free one.

Shhh.... I might buy this just to say I owned a Beneteau for a week

Any idea if it had been underwater at any time ? If so, I think you'd pretty well be rewiring the entire boat .

The listing doesnt says primary damage is to the stern but that looks totally in tact. Other listings specify flooding for other boats. The listing states that the retail value is about 52k so the insurance company wrote it off as a loss. I can see that at least two stanchions are bent so it might need some fiberglass work and new stanchions. If this is true, there may be some interior damage from water leak.

I'm sure there is more than $15 worth of parts on that boat.... you could skip shipping it if you find it to be in worse shap than the pics show... and just bring a sawzall and start removing the good stuff.... but... that is still a lot of work...

Oh no doubt. I cut through the coaming of a C27 to get a winch out. Wow it was a lot of work! I suppose I could bid on it, fly down for inspection and rip off parts to cover my expenses if I don't buy it. I'm guessing the company selling this would want this off of their lot within a week or so

 

[Scott T-Bird]

I think you left off at least a -0- in the Misc number.

 

[Scott T-Bird]

Where's your estimate for a diesel engine?

 

[Project_Mayhem]

Where's your estimate for a diesel engine?

If there's no water damage, I'm guessing it'd probably be ok?

 

[JBP-PA]

You can get a non-wrecked 311 for about $50k.

 

[BigEasy]

If the boat wasnt flooded and hull, keel, grid, & deck are in good condition, AND you have the time to DIY, probably a good deal. I would agree that the market value, after refurbishing would be $50 - 55K. I wouldn't get involved with parting out; too much work. Would definitely not bid w/o a personal inspection. If the boat is in decent shape, the owners will likely bid on it, if they liked the boat. As you mentioned, If the boat doesn't sell, you could do a day trip to check it out & make a delayed offer.

 

[Project_Mayhem]

If the boat wasnt flooded and hull, keel, grid, & deck are in good condition, AND you have the time to DIY, probably a good deal. I would agree that the market value, after refurbishing would be $50 - 55K. I wouldn't get involved with parting out; too much work. Would definitely not bid w/o a personal inspection. If the boat is in decent shape, the owners will likely bid on it, if they liked the boat. As you mentioned, If the boat doesn't sell, you could do a day trip to check it out & make a delayed offer.

I was considering buying it, flying down or paying for a surveyor. If it doesn't pass, then telling the the seller that they can have it back, essentially abandoning it. Not ideal, but it's a strategy nonetheless

 

[Scott T-Bird]

If there's no water damage, I'm guessing it'd probably be ok?

How far along is the bidding? Is there a deadline? If bidding is $15 and the owner isn't bidding, I'd suspect there isn't anything on the boat that isn't ruined. But the gelcoat looks ok!

Whether or not the owner isn't bidding is an interesting question. I wonder if the owner really received "replacement value" - and if so, it makes sense that the owner would buy a similar boat in good condition. But I've noted that people seldom get "replacement" value and find that they can use the settlement money to purchase their own boat back if they think it is worthwhile. Let's say they got $35 - $40 K in settlement. They may not find a similar boat to buy for that money if they wanted. It takes very little for an insurance company to deem the boat "totalled". Sometimes, an owner will buy their own boat back simply because they can deal with the damages and it's the boat they can afford if it is in good enough condition. In this case, if nobody seems to want to spend any money on it ... there's probably some very good reasons.

 

[Hollyberry]

[QUOTE="Scott T-Bird, post: 1781105, member: 79972"

Whether or not the owner isn't bidding is an interesting question. I wonder if the owner really received "replacement value" - and if so, it makes sense that the owner would buy a similar boat in good condition. But I've noted that people seldom get "replacement" value and find that they can use the settlement money to purchase their own boat back if they think it is worthwhile. Let's say they got $35 - $40 K in settlement. They may not find a similar boat to buy for that money if they wanted. It takes very little for an insurance company to deem the boat "totalled". Sometimes, an owner will buy their own boat back simply because they can deal with the damages and it's the boat they can afford if it is in good enough condition. In this case, if nobody seems to want to spend any money on it ... there's probably some very good reasons.
[/QUOTE]
Our son did this last year... was dismasted while racing, some stanchion damage but as a '90 boat got written off. Purchased it back, found a sister rig for a good price, did the glass/stanchion work and the boat's better than ever with some coin in pocket.

No reserve bid on this??

 

[Scott T-Bird]

I was considering buying it, flying down or paying for a surveyor. If it doesn't pass, then telling the the seller that they can have it back, essentially abandoning it. Not ideal, but it's a strategy nonetheless

What? You think you could get away with just walking if you don't like it? I don't think so ... it would be an expensive albatross around your neck. I'm sure the seller/auctioneer knows how to deal with that situation and it wouldn't be pretty for you! Why would you survey a totalled boat?

 

[tfox2069]

So you estimate sinking $46,500 into a damaged boat with a potential market value of $52k that you haven't been able to examine for damage outside of photos on an auction site? Why would you put yourself through that?

Not to mention if you win the auction and abandon the property the state of Florida could come after you for disposal costs. I would also wonder what the condition of sale at auction is - if its "as is" then it is not conditional on a survey and you wouldn't be able to return it.

Is the market for decent used boats that terrible on the Great lakes? Lots to think about.

 

[Project_Mayhem]

I didn't expect this to make financial sense but had to ask since it was virtually free

 

[tfox2069]

I didn't expect this to make financial sense but had to ask since it was virtually free

Sorry if I came off a little judgmental - didn't intend that. We've probably all looked at a distressed boat and wondered if we could get it for a song could we nurse it back to health and have something fantastic for a lot less than market value. The reality is almost always a lot more complicated and expensive in both money and time. Particularly with boats. But sailing now has always won out over paying less and sailing later for me. Sometimes that meant buying a smaller boat than I really wanted. Sailing seasons are precious. Also, i'm not the handiest of guys, so I try to follow Clint Eastwood's advice: "A man's got to know his limitations."

Good luck!

 

[Don S/V ILLusion]

I didn't expect this to make financial sense but had to ask since it was virtually free

Where in Florida? Lots of Florida guys here, one of whom might take a look for you if we knew where.
Personally, I can’t imagine a scenario where buying a boat for $15 makes financial or any other sense.

 

[jssailem]

virtually free

Is that like soon to be released VaporWare? Buy stock now in the company.

 

[Project_Mayhem]

Is that like soon to be released VaporWare? Buy stock now in the company.

Yes, I'm looking for investors to help me flip this Beneteau! For only $10,000 you can own an essential part of this fine french boat! Perhaps it'll be a sheet block or even a cotter pin! Oh and look at the break lines of that mast! Only God himself couldve created such Beauty! It'll sell for quadrupal your investment at an art show!