ECONOMICAL CO-OP. BLUE-WATER CRUISING YACHT SYNDICATION

...here's the most cost-effective way to get into blue-water cruising...

I'm offering for auction TWO one-third cooperative-ownership shares in a Manitou 32' masthead-sloop with full gear, rig & sail complement - ie. ready to sail immediately - starting at $5,000-00 per share ... as a pricing benchmark- a reconditioned BUKH DV20 ME alone, costs $6,950.oo + GST on an EXCHANGE basis cf.

bukhdiesel.com.au/recons.htm

NBB: ***__The winning bidder secures the first share & the second share will be offered to the runner-ups in order of precedence.__*** 

.....I estimate that the true market value of this particular yacht is about $21,000.oo MINIMUM - these boats usually sell for between $35,000.oo & $45,000.oo, ... although I have seen them priced at over $70,000.oo for heavily specced-up models - 60 or so of these yachts were factory-built by John Biddlecombe [the champion BOC ocean racer - and also designer/builder of the Citation 34], at Brookvale in the 70's & early 80's when GRP was a lot cheaper to hand-lay-thick than it is today.

***__THEREFORE EACH SHARE IS BEING OFFERED FOR AUCTION STARTING AT OR BELOW PRO-RATA ACQUISITION COST - I HAVE SPENT AT LEAST $15,000.oo ACQUIRING, UPGRADING AND SECURELY/PERMANENTLY MOORING THE BOAT__***

***__NB: TO BID FOR THIS YACHT YOU MUST BE A REASONABLE, RESPONSIBLE & AMICABLE INDIVIDUAL WITH A PASSION FOR SAILING - AS YOU WILL BE COOPERATING WITH TWO OTHER REASONABLE, RESPONSIBLE & AMICABLE INDIVIDUALS WITH A PASSION FOR SAILING, IN THE MANAGEMENT OF THE VESSEL & NEGOTIATING THE SYNDICATE AGREEMENT___***

My main reason for syndicating the yacht is that I only have one or two days per month free to actually sail it & keep an eye on it. This may well be reduced further as I will most likely be working interstate for at least six months of the year. Ideally I'd like to see the boat being sailed & the engine run at least once a month.

Therefore the winning bidder will have broad latitude to set the terms of the Syndicate Agreement within democratic norms ... so long as no one wants to move the boat interstate/intrastate within the next 18 months - or moor it permanently in Antarctica -
I'm up for just about anything...

The main reason that this particular yacht was acquired relatively cheaply - besides being a 1978 vintage - is because the exterior wood-work [mainly teak] is heavily weathered & steel punchings were used as ballast rather than lead. Steel punchings make for perfectly acceptable ballast but tends to oxidize & looks unsightly - however as it's covered over by the flooring in the main cabin, this is not really an issue except for anal-retentive aesthetes...albeit looking a little down at heel at present, this is a structurally sound & seaworthy vessel.

Apart from ongoing rego. & mooring license fees, there are no other unavoidable costs or encumbrances associated with this yacht. All of the tools & materials required for restoration have already been bought.

I would prefer to syndicate to experienced yachties but as long as you are a reasonable, responsible & amicable, 'wannabe' yachtie [like me] who is willing to learn the ropes without putting the boat at risk, feel free to bid!

More details can be found at:

... email me for more pics - location for inspection etc. ...

On 05-Nov-09 at 15:38:48 AEDST, seller added the following information: NB: PLEASE VISIT sites.google.com/site/manitoumatavai/ FOR FULL DESCRIPTION .....

NBB. AS THE BOAT IS GRADUALLY RESTORED, SHARES SHOULD INCREASE IN VALUE & CAN BE TRADED AS PER ANY OTHER ASSET-CLASS ... WINNING BIDDER HAS FIRST OPTION ON NOMINATING THEIR PREFERRED RESERVED DAYS: