Value of a half complete 1986 E38-200 project

[michaelsanders]

Unfortunately I've found myself getting divorced. No need to go into that anymore, but we have a 1986 E38-200 that we were refitting in our yard in coastal SC. We pulled the boat out of the water just before hurricane Dorian skirted by us in 2019 and pulled the mast and had the boat transported about 10 miles to our yard with a hydraulic trailer. Cost us $1800 to move it because the guy was already in our area; would have been $3200 if he had to travel just for our move. Deck is stripped of all hardware and about half painted with awlcraft 2000. The deck had some major core rot from the forward dorade box that has been repaired; was the primary reason for getting into the refit. Interior needs a lot of cosmetic work like a new headliner, sole, cushions, etc. The woodwork is in decent shape, but could use some varnish, Original Universal 5432 engine powered the boat to the yard where we hauled out, but hasn't been touched since the haulout. No real electronics of value. Original Barient winches in decent shape. Lots of gear and rigging in boxes that probably has little value. Sails are in serviceable condition. Mast needs some love before it goes back up.
I'm not sure what the fate of this project is at this point, but I need to figure out its value in its current state of repair and location. I don't really think it would be worth anything right now. If anything maybe its worth the cost to haul it away. I'm curious what others have to say, as I need come up with a market value for it as it is technically an asset.
Any input is appreciated!
-Michael

 

[Parrothead]

Sorry to hear, gives me flashbacks of 33 years ago. It's my experience you'll benefit from a professional survey to establish the current value. That puts an end to the inevitable arguing between the parties and their lawyers over the valuation. In my case the ex had very different opinions on valuation depending on who was buying out whom. If she wanted to buy me out the boat was worth half of what it would be if I were buying her out. The survey put an immediate stop to that foolishness.

 

[Loren Beach]

Unfortunately for all the parties concerned, the project/asset likely has a 'free market' value now of under 3K. Maybe. The cost of relocating it actually is a major factor in 'valuing' it. That's just IMHO, of course.

We just completed an (approx) 11 month re-fit of an '88 boat that was in better shape than this one when we started out - and we had no coring issues. Depending on how much sweat equity a new owner puts in, this sort of restoration can hit 50K to twice that rather fast.

We love our boat, but could equally love a 38!

I would echo the advice to get a knowledgeable surveyor involved. This "evaluation" requires an opinion with no emotional involvement in the proceedings.