65 LRC in Stonington CT?

[Angela]

When I looked into doing a donation deal on another boat, right before I bought Sanctuary, the rules had just changed. I understand (assuming memory serves me correctly) that with the change, donating a boat isn’t as advantageous as it used to be. As I recall, the charity has to hold the asset for something like 3 years before the donor can take the tax write off for the “full” amount it believes the asset to be worth. Otherwise, the donor can only take the write off in the amount that the charity sold the item if the sale happens within the first three years. It went something like that - 2 years, 3 years, 4 years...can’t remember, but I do recall that it was no longer instant gratification for the donor at whatever value he came up with or could get a surveyor to put on it. So, it could be that while the bank mentioned that it would donate it before it gave it away, it probably backed out of that idea after being updated on how donation works these days - they probably discovered that they weren’t going to get that huge write off they thought they were and decided to keep it and try to sell it instead.

[saltshaker]

When I looked into doing a donation deal on another boat, right before I bought Sanctuary, the rules had just changed. I understand (assuming memory serves me correctly) that with the change, donating a boat isn’t as advantageous as it used to be. As I recall, the charity has to hold the asset for something like 3 years before the donor can take the tax write off for the “full” amount it believes the asset to be worth. Otherwise, the donor can only take the write off in the amount that the charity sold the item if the sale happens within the first three years. It went something like that - 2 years, 3 years, 4 years...can’t remember, but I do recall that it was no longer instant gratification for the donor at whatever value he came up with or could get a surveyor to put on it. So, it could be that while the bank mentioned that it would donate it before it gave it away, it probably backed out of that idea after being updated on how donation works these days - they probably discovered that they weren’t going to get that huge write off they thought they were and decided to keep it and try to sell it instead.

It's 3 years and for the same reasons, buying a donated boat isn't that simple. I know someone who tried and what they do now is you pay a large amount up front, something like 60%-70%. You don't own the boat until after a 3 year lease is up. At that point you pay the balance or return the boat. Good luck financing and insuring a deal like that.

[partgypsy]

Sounds like the bank does not understand what all boat sellers should know... a buyer doesn't care what you owe - only what it's worth.
Sounds like the bank doesn't understand the refit business either. Don't refit a boat unless you have a paying customer OR unless it is a boat you love and want to keep for a long, long time.

There seems to be some nice large Hatts out there around the $200 mark. Why buy a project at the same price.
From the sounds of it, a fair price would be $125.

[spartonboat1]

"How does it work on Stains" Clint Eastwood, Outlaw Josey Wales....seems to have its share. I know my wife would go eek at all the mattresses with stains.

Or as the TV show goes "Survey Sez!!"?

[partgypsy]

Ok
So, I went back through all the old CleaniDini posts and some rather odd YouTube videos made by Dini. What a sad and scary story.
Does anyone remember how the boat happened to become the subject of a bank-financed refit? Had it been damaged somehow or was it somehow poorly built and maintained?

[SeaEric]

If I recall, it was repo'd by the bank in poor condition. Their wisdom suggested that a refit would bring them more revenue in a liquidation sale. That was certainly a bad decision. Along the way there was speculation that the bank was perhaps quite badly taken advantage of by the various contractors that worked on the boat. I think that this saga has been going on for many years.

[dastahl]

The boat was owned by a large boat dealer (Hatteras at the time) in Conn. I cannot remember the name. They sold it to a guy who owned a trucking firm that failed. The local bank took the repo. They hired the Cleanidini dude to fix it up which did not work out. Clini sued the bank, the bank sued Clini. Who knows what kind of liens are on the boat.
The boat was rough. They did a few cosmetic fixes but the engines are high hour, gens high hour, and have now sat for over 6 years. The bank has always thought the boat was worth more than folks were offering. The bank put in another $100K a few years ago after Cleanidini but most of the money was to check this and that not repair much.
If you are 65 LRC buyer and want a re-fit project, you should go talk to the Bank. I think its the Bank of Groton. They are great boats and this one is "restorable", and ther are only 11 out there.
Skooch
42 LRC Fort Pierce (4 Sale make offer)
58 LRC Fort Pierce
Webmaster HatterasLRC.com

[yachtbrokerguy]

Often when a boat is reposssed the lender will hold a Marshall's Sale and bid on the boat to take possession of it. When purchased at a Marshall's Sale all other liens are extinqushed, it is the cleanest Title that you can get.

[SeaEric]

Except that the concern expressed here is what liens may have perhaps happened since the bank took ownership.

[Angela]

Also, unless the laws have changed since I looked into this back in the 90s, not all "foreclosure" sales (i.e, Marshal sales, Sheriff sales, etc.) will extinguish federal tax liens - those are the last ones to go away - kind of like the common cockroach. Depending on your state (I'm guessing - might be the same for all states since it's a federal lien), those can hang around for over 20 years, despite foreclosures and "on the courthouse steps" sales. Every sale is a buyer beware. Gotta do your homework every time.