Southern Ocean 60 - start refurbishing?

Discussion in 'Boat Design' started by Tiago, Jun 10, 2020.

  1. Tiago
    Joined: Jun 2020
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    Location: Portugal

    Tiago New Member

    The boat it's in the water since 2009intervention at the deck and side level, and it is not possible to assess the hull once it is submerged.
    You need to replace the balconies, hatches and bottom taps.
    Regarding the engine and generator, they have not worked since the boat was seized 2009
    The electrical part does not work, nor does it have navigation instruments.
    Apparently the rig is undamaged.
    The boat is registered in the cayman Islands it has costed me 35000$ should I forward? How much it worth in terms of marketvalue?

    Thanks
     

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  2. Rumars
    Joined: Mar 2013
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    Rumars Senior Member

    Run away and don't look back.
     
  3. gonzo
    Joined: Aug 2002
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    gonzo Senior Member

    She floats. Give it a cleaning and go sailing.
     
  4. bajansailor
    Joined: Oct 2007
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    Location: Barbados

    bajansailor Marine Surveyor

    Welcome to the Forum Tiago.
    You said "it has costed me 35000$ " - have you actually bought the boat for $35,000, or are the Authorities now offering her for sale for $35,000?
    Even if they were literally giving her away at no cost, I would still agree with Rumars - run away fast!
    She will still cost you a fortune to restore.
    She appears to be an Ocean 60 - the vessel next to her (also impounded?) is one as well.
    https://sailboatdata.com/sailboat/ocean-60

    Gonzo makes a valid point above, however the boat will still need to be 'made ready' to go sailing, and it will need basic maintenance thereafter.
    If she has been in the water for 10 years, then there will be a forest of weed and other growth on the hull bottom.
    So you will have to haul the boat out to clean and paint the bottom.
    And you might then find after scraping it all off that she also has advanced osmosis.
    I am sure that there are much better 'bargains' to be found for sale rather than this boat.
     
  5. Tiago
    Joined: Jun 2020
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    Tiago New Member

    Thanks for the advice, I will decline the offer, and I will search other one. And start a project. Cheers
     
  6. Rumars
    Joined: Mar 2013
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    Rumars Senior Member

    I am sure this boat could be a bargain for someone, but it all depends on the circumstances. For example: is VAT and CE conformity important for you (registration, area of sailing)? Do you want a nice interior with functioning systems or not? Is the boat located so that you can work on it in your spare time?

    A boat of the same model is listed on the internet at 87 000€ in functioning state. Adds are usually better then real life, but few boats sell for what is asked in the add. Even so, if you are not prepared to spend 50 000 and a year of work the more expensive boat is the better option.
     
  7. Rumars
    Joined: Mar 2013
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    Rumars Senior Member

    I got curious about this boat and researched a little. She is beeing offered for sale via government auction (until 17.06) after beeing seized in Horta for cocaine smuggling. Reserve price is 8500€. LO621802020 - Embarcação - Ocean Fregatta https://e-leiloes.pt/info.aspx?lo=LO621802020

    VAT is 18%, then you need a PCA to get a CE declaration. You need to ask in town how much that costs, but you are lucky there are local people that do it on a regular basis. Next a new engine, batteries, bilge pump, nav lights, radio, a few wires and fuses. Haulout, keel bolts, antifouling, seacocks. Running rigging, sail overhauling, check standing rigging, grease all winches, a few new blocks. A good cleaning inside with a lot of mold killer and you have a usable boat.
    Taking it to her former world cruiser glory, with shiny varnish, new upholstery and all sistems functioning and updated is another story, but that can be done over time while using the boat.
    Estimating the costs to get her in usable condition is easy, just research local prices and add 10-20% for surprises.

    If you are in the market for a boat of this size this could be a good deal depending on what she actually sells for. 10 000€ is a fair price while 35 000€ is way to much. You still have 6 days in wich to get on the phone and research prices for the items I mentioned. Then you can decide if you want to bid on her and what your limit is.
    If you are thinking of fixing her up and selling for a profit, forget it.
     
  8. Tiago
    Joined: Jun 2020
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    Tiago New Member

    Thanks
    So I can get it directly, and for that price will make me rethink, after the holidays I will chase the authorities to learn about it and about taxes.
    Many thanks
     
  9. Rumars
    Joined: Mar 2013
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    Rumars Senior Member

    Selling something that you do not own is considered fraud in most countries. The only exception would be if the state hired a broker to sell her outside the auction. You should report the people to the police.

    The most important question you have to clear is if the authorities will register the boat based solely on the auction bill of sale. She is registered in the caymans and normal procedure dictates you get a certificate of deletion from the previous registry. It could be that the registration lapsed and you can get the paper from the caymans, or it could be that you don't, or it could get really complicated (with lawyers). So first call should be to the port capitan, if you need the certificate you run the risk of never beeing able to register the boat and she is only good for scrapping (for wich you have to pay, there are not enough valuables on the boat to pay for it even if she was free). Your call if you want to risk this.

    The moment you buy it you become responsible, rent for the dock, insurance, towing to the boatyard, haulout, etc. You need at least 50 000€ available the day you buy it, regardless of the auction price, and you better be in Horta the next morning with free time to be able to arrange everything.
    As I said, for the right person this can be a bargain. For the wrong person it can be a nightmare where you end up paying a lot of money to cut the boat up. So my original advice still stands, run away.
     
    ondarvr and bajansailor like this.
  10. jehardiman
    Joined: Aug 2004
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    jehardiman Senior Member

    Actually my first thought on seeing the cabin was "who has been cooking meth in there"..... Also, be aware that a seized drug boat comes with official complications in some countries that may bite you someday.
     
    Last edited: Jun 10, 2020
  11. Rumars
    Joined: Mar 2013
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    Rumars Senior Member

    No meth cooking, just sitting tied to a public pier since 2009 (you can see her perfectly on google streetview). The cocaine (around 550kg) was laminated into two fberglass dinghys carried on deck. You can see the stainless plate chocks in front of the cabin, between the masts.
     

  12. Rumars
    Joined: Mar 2013
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    Rumars Senior Member

    She sold for 30 000.01€ did you bid? I have to say your source was right on the money, VAT on this price is 5400€, so the final price is 35 400.0118€.
     
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