Re: Wow.. I need some advise here...
Do you have a written contract of sale? Most dictate that the seller deliver clear title. Require them to do so, at their expense, or do not close. If they can't, you either walk away or potentially sue in the US for failing to meet their contractual obligations and misrepresenting ownership or try to negotiate that they reimburse you for your costs.
If you want a forecast, I think you will become very frustrated by this and end up walking away with nothing. Sorry.
How did you learn about the Italian registration?
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In the harsh marine environment, something is always in need of repair. Margaritas fix everything.