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Go Back   SailNet Community > Out There > Cruising & Liveaboard Forum > Largest liveaboard *ever* sells for US .01
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Thread: Largest liveaboard *ever* sells for US .01 Reply to Thread
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Topic Review (Newest First)
11-08-2013 04:48 PM
Brewgyver
Re: Largest liveaboard *ever* sells for US .01

Quote:
Originally Posted by Petrouschka View Post
"The Feds" had plenty of return on Forrestal. It served the Navy for 35 years! As it is, it would cost more than it is worth for the Navy to scrap it or clean it up for use as a reef. I am sure they were happy to let somebody else take over the costs of towing, docking, and cutting her up. As taxpayers we should also be happy that we aren't footing the bill for the hundreds of thousands of man-days it will cost to cut her into razor blades.
If this vessel had been owned by a private sector business, used 100% for business purposes, and depreciated on the owner's yearly tax returns, and then sold, there would be recapture tax.
10-25-2013 11:44 AM
jzk
Re: Largest liveaboard *ever* sells for US .01

Quote:
Originally Posted by Petrouschka View Post
Asbestos, lead, oils, Cadmium and other heavy metals, etc. The cost of environmental compliance must be quite high.

An interesting cost comparison would be Oriskany. She was sunk as a reef in Florida. I wonder what it cost to prepare her for sinking? Surely it was more than $25M. (granted that likely required more cleanup and remediation than will Forrestal).
Again, what is different about military ships that makes these issues different from other ships? For one thing, there is apparently a regulation that prohibits scrapping of government ships outside of the US.
10-25-2013 10:33 AM
Petrouschka
Re: Largest liveaboard *ever* sells for US .01

Asbestos, lead, oils, Cadmium and other heavy metals, etc. The cost of environmental compliance must be quite high.

An interesting cost comparison would be Oriskany. She was sunk as a reef in Florida. I wonder what it cost to prepare her for sinking? Surely it was more than $25M. (granted that likely required more cleanup and remediation than will Forrestal).
10-25-2013 08:55 AM
jzk
Re: Largest liveaboard *ever* sells for US .01

Quote:
Originally Posted by Petrouschka View Post
The scrap value is on the order of $25M. Hopefully the yard who bought her will be able to tow her, cut her up, and deliver her to market for less than that amount.
The scrap prices that I have found assume delivered at that scrapyard. Thus, the cost of towing has to be deducted from the $25 million, but chopping it up does not.

Perhaps there are issues like asbestos or something else that makes this particular ship undesirable.
10-24-2013 10:57 PM
Petrouschka
Re: Largest liveaboard *ever* sells for US .01

The scrap value is on the order of $25M. Hopefully the yard who bought her will be able to tow her, cut her up, and deliver her to market for less than that amount.
10-24-2013 09:47 PM
harleybeach
Re: Largest liveaboard *ever* sells for US .01

There are 3 scrap yards in Florida that could handle it
10-24-2013 09:23 PM
Petrouschka
Re: Largest liveaboard *ever* sells for US .01

Quote:
Originally Posted by jzk View Post
Oh, and I am all for the "fair is fair" argument, and perhaps there is some logical reason this sold at auction for .01.

But let me ask you this. If you were out sailing and entrusted me to sell your $5 million dollar home, and I had a fiduciary duty to you, would it be reasonable for me to explain to you that it sold at auction for $.01? Sometimes auctions are not the best way to sell things when you truly are trying to maximize the return as the feds ought to be doing.
"The Feds" had plenty of return on Forrestal. It served the Navy for 35 years! As it is, it would cost more than it is worth for the Navy to scrap it or clean it up for use as a reef. I am sure they were happy to let somebody else take over the costs of towing, docking, and cutting her up. As taxpayers we should also be happy that we aren't footing the bill for the hundreds of thousands of man-days it will cost to cut her into razor blades.
10-24-2013 08:59 PM
jzk
Re: Largest liveaboard *ever* sells for US .01

Quote:
Originally Posted by Stumble View Post
I just shopped scrapping a ~30 ton vessel, and was offered a max of $3,000 delivered. But they required removal of all fuel, oil, and other pollutants.

Like I said, it was sold at auction, with public notice... Anyone who wanted her was welcome to show up and bid. So clearly no one wanted it.
Oh, and I am all for the "fair is fair" argument, and perhaps there is some logical reason this sold at auction for .01.

But let me ask you this. If you were out sailing and entrusted me to sell your $5 million dollar home, and I had a fiduciary duty to you, would it be reasonable for me to explain to you that it sold at auction for $.01? Sometimes auctions are not the best way to sell things when you truly are trying to maximize the return as the feds ought to be doing.
10-24-2013 08:46 PM
Jd1
Re: Largest liveaboard *ever* sells for US .01

I wonder how many masts could be lined up on the flight deck for wind power
10-24-2013 06:01 PM
Philzy3985
Re: Largest liveaboard *ever* sells for US .01

I couldn't afford one bottom-cleaning.
This thread has more than 10 replies. Click here to review the whole thread.

 
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