Free boats usually aren't worth the cost of a match to burn them. Compared to a well-maintained boat at market value (which isn't much for a 40+ year old daysailor) a free boat usually has no working engine, extensive hull or deck or keel or rudder damage (often all of that) rigging damage, and no sails or sails so old they should have been used as funeral shrouds.
Often putting a "free boat" into market condition will cost as much as buying two of them ready to go. And if it can't be marketed...your friend may be giving it away because the alternative, and the biggest problem for the next owner, is that you have to pay for "toxic waste" disposal rates if you want to get rid of four tons of dead old boat.
On the other hand...if you expect anyone to look further, you might want to post information including all the known and suspected problems with the boat.