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Originally Posted by camaraderie
If it is tough to find one person to invest in an old wooden boat that is being restored...it will be even tougher to find 12 even with the price split.
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Yes; this is what I was thinking... IMHO most boats are difficult to sell or fraction with the large surplus of boats on the US market. Only a very small percentage of boat owners would even consider owning a wood hull sailboat; not to mention one 50+ feet long. You need to also realize that a boat that is not currently operational has much less "value" in the eyes of those considering spending anything on a boat.
I think the best thing to consider doing is getting her surveyed as-is by a competent surveyor who will respect the fact that you have invested so much time/money into her. If you are not already mortgaged on the hull you could then go to a mortgage company and request a loan against the hull so you can get the boat completed. This might be a long-shot; but if you are refused the loan at least you will have some documentation on the "value" so can provide a basis for selling fractional shares in her.
I have seen this boat in the water at NVM. Last summer I was working on my boat there. It is a beautiful boat and it would be nice to see her sailing on SF Bay when she is finished! You might contact some of the SF area yacht clubs (St Francis, Corinthian, Golden Gate, etc) and find out if there are any rescue foundations within their clubs that can assist you financially or in labor to complete her. There are many, many rich people in the SF Bay Area; if you are lucky you might get put in contact with a 'philanthropist'!
The other thing I might mention is that if you were to sell shares in the boat it should be done through USCG documentation; and ownership rights should be a part of the vessel document. If you do this you can sell fractional shares of any percentage you wish; maybe sell two 1/12'th shares and make the boat available to those people for 1 month of sailing and living onboard each summer. Regardless I think the boat needs to be completed in order to attract potential buyers.
Another way to go would be to make the boat into a charter business. There are several wood hull sailboats in this size range doing this; and the owners are living their dream while getting paid to have other people onboard helping them sail their dreamboat!
You might also consider advertising in the Latitude38 classifieds (
www.latitude38.com ); maybe you could talk to the editor about getting a story written that would help you gain some support in finishing the boat. There is a huge sailing community in the SF Bay Area; Lat38 is the best way to reach someone in SF who might be interested in your boat.