A lot of that doesn't add up. I'm thinking second opinion.
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The rest is much simpler to do. Not a tear down. Just some bolt on stuff like blowers and pumps.
Then again I'd say the offer was too generous and he may dodge the bullet here.
One of the pistons has a broken fire ring. The front seal and camshaft seals are leaking on the same engine and both emergency stop cables are disconnected. A few more goodies on further review.
Sounds like a no go.
Id look at $100K for the repairs, while your in theres and the lost time of use.
Unless your thinking its worth a repower for long term.
I was shocked older couple maintained it with an open checkbook. The boat sat behind their multimillion dollar house in Rio-Mar which is one of the hi dollar waterfront locations in VERO. They were famous for their company Sue-Bee honey. Great people and old school class.
As far as the rings go STUCK AND BROKEN is not worn out. It's a sign of lack of use. It can happen to any engine with 10 or 10,000 hours that has sat.