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63' Vicem sinker for $40k

Discussion in 'Vicem Yacht' started by Danvilletim, Nov 30, 2014.

  1. Danvilletim

    Danvilletim Senior Member

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  2. olderboater

    olderboater Senior Member

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    Apparently the boat was taking on water and then drifted onto the rocks. This happened in June of last year. I get confused on the ad saying the hull has been repaired and then describing all the damage done. The damage was very extensive as apparently it sat there for an extended time before being salvaged. If it stayed under water for a while and then the engines were not serviced when it was removed, I can't imagine them being recoverable. I would think the value of mechanicals and electricals today is less than zero by the amount it would cost to remove them. Essentially it sounds like buying a shell at whatever it is worth and refitting completely. I'm guessing the $40,000 is 10% of the insured value prior to the accident or of the settlement value. To me the nearest non boating comparison is buying a car after a flood or hurricane Sandy and getting it presentable to then sell. I would think this boat would only have value to a person or a company that could do all the work themselves to restore it.
  3. RER

    RER Senior Member

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    You really need to see a sinker in person to appreciate the effects of salt water immersion.
  4. Kafue

    Kafue Senior Member

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    If the $40,000 represents 10%, I'll take a new one today!
    I think you missed a zero or a 1 somewhere. Or the insured is a gambler.
    When this first came up I thought, as you note, buying a shell, yet being Cold Molded makes a big difference to solid fibreglass after being submerged.
    From the ad, it seems they sealed the hull but I doubt that would solve the seawater problem getting sealed into the timber hull.
    Perhaps why this boat has been relisted by Coopers?
    How would all that Mahogoney interior be after a year or so?
  5. olderboater

    olderboater Senior Member

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    10% of it's value at the time of the accident. It had been offered for sale for $499,000 so I figure the insurer perhaps valued at $400,000.
  6. Kafue

    Kafue Senior Member

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    Ouch, someone has torn up serious $ from the sale price. Not surprising in boating, but a million or so is bad for Vicem owners generally.
  7. K1W1

    K1W1 Senior Member

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    I would say steer clear of it unless you have the capabilities to do the majority yourself (or your employees do) and the cash to fund such an exercise.
  8. Kafue

    Kafue Senior Member

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    Hi K1w1
    And that is why I am steering clear, it is a money trap. Ditto the Huckins in the islands.
    Cheers
    G
  9. Beau

    Beau Senior Member

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    The $40k is the minimum bid and probably has an upset option
  10. SeaEric

    SeaEric YF Historian

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    An accurate appraisal of her current value can perhaps be calculated by figuring out how many cords she will yield.
  11. K1W1

    K1W1 Senior Member

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    That is probably the best suggestion so far.
  12. Capt Ralph

    Capt Ralph Senior Member

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    Less the disposal cost of what remains.
  13. K1W1

    K1W1 Senior Member

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    Which could be reduced if all recyclables were extracted and the rest accidentally caught fire while being stored in a pile.
  14. Capt J

    Capt J Senior Member

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    Not when you get the fine from the EPA, You'll wish you would've hired a dump truck to take it to the dump!!!
  15. joeybaggs

    joeybaggs Guest

    the dump ? you mean the back side of fort Myers beach where there's no such thing as epa enforcement and boats go to die ? ( add one two story floating home which gradually became one story, then the roof, eventually I think it dissolved into muck..)