09-11-2016 11:34 AM
I need help any ideas on what to do? How about how long she will stay afloat?
On Aug 6, 2014, I entered into a contract with Capt. Steve Gilliam of Galati Yacht Sales to purchase “Home Improvement”, a 1996 Sea Ray Sun Dancer 450 Owned by Kim Eric of Destin, FL for the sum of $90,000.00.
At the recommendation of Capt. Gilliam, Mr. Dennis Heine / A.M.S. of Nautical Services, Inc. in Gulf Shores, AL, was employed to perform a Report of Marine Survey on this vessel. This survey was performed on Aug 14, 2014 at Galati Yachts, Destin, FL. The result of the survey was an overall vessel rating of “Above Average” with a fair market value of $123,000.00 and an estimated replacement cost of $1,075,000.00.
After purchasing the yacht and spending a week or so aboard, my wife and I were dissatisfied with the yacht and on Oct 20, 2014 entered into a contract with Capt. Steve Gilliam of Galati Yacht Sales to sell the yacht.
During this period of time the yacht was docked in Destin, FL and was maintained by Capt. Steve Gilliam.
On Jun 26, 2015 Mr. Seth Curtis of Niceville, Fl. entered into a contract to purchase this vessel for $92,500.00. A survey was performed by Mr. Mills, and due to this report indicating fiberglass damage to the vessel’s hull an amended offer of $75,000.00 was presented by Mr. Curtis. I countered at $85,000.00 but Mr. Curtis said no and the contract was terminated.
Due to the finding of his surveyor I told Capt. Gilliam to get another survey done on the area in contention. This survey was performed by Mr. Dennis Heine of Gulf Shores, AL (same surveyor that did the original) at the Freeport Boat works, Freeport, FL on Jul 16, 2015 with the following conclusion: “…Initial preliminary repair costs suggest $75,000 - $95,000 for hull side core material repair and painting the vessel back to pre-casualty condition. Based on the vessel’s current market value, repairing may not be in your best interest.”
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