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M/V Gabiella hard aground
Capt. George
Posted: Friday, March 13, 2009 3:19 PM
Joined: 31/01/2009
Posts: 2


The 108 ft. Broward Gabriella was reposessed by the bank a cople of months ago and now sits forlorly aground well south on Florida's St Johns River. She was moved to her current predicament by the repo captain while the river was unusally high and then run aground in the mud up behind a resturant just off the river near DeLand. The bank is asking $1,200,000, but how much damage has been done by the grounding and how much more while she sits unmanned without the ability to run her AC in the heat this summer. Maybe this bank needs a bailout. Capt. George
Yachtdeals
Posted: Saturday, March 14, 2009 3:42 PM
Joined: 04/03/2009
Posts: 1


hi captain george,

i have customers looking for repos (damaged or not). if you come across any that the owner is desperate to sell, i have customers for them.


Dane
Posted: Saturday, March 14, 2009 3:49 PM
Joined: 03/09/2008
Posts: 2


Harsh!  Gabriella was docked right next to me when she was repoed.  I couldn't understand why they didn't just hire the captain to deliver it, he knew the boat well.
Anonymous
Posted: Saturday, March 14, 2009 4:08 PM
Yes it is rather strange.  Perhaps more to the story than we hear. The  Repo captains I know are first class skippers and typically evacuate the yacht and haul her out of the water,  safe inside the security barriers of a shipyard.  Repo gangs  normally represent the banks and insurance companies.  Strange....or perhaps maybe us guys ought to contact the bank and educate them on how to best preserve the value of a bankrupt yacht.
Anonymous
Posted: Saturday, March 14, 2009 5:49 PM

Anyone know who the bank that owns her????


Yachtbrokerguy.com
Posted: Saturday, March 14, 2009 8:50 PM
Joined: 15/09/2008
Posts: 12


Of course there is more to the story than what is heard on the docks. I am the listing broker for the bank and have been dealing with this since last July. The US District Court would not allow the yacht to leave the district until months of legal wrangling was completed, otherwise the yacht would have come to Bradford Marine immediately, where it would have had good care and would have been sold by now.

I was on board last week with a Detroit Diesel mechanic, the yacht is floating, but the props are partially in soft mud, I can push a boat hook at least a foot into the mud, but I moved the yacht with lines. The engine intakes are clear, we started both mains and the generators, the Detroit Diesel mechanic said the yacht is ready to run, at least the best he could tell without a sea trial.

 I have contracted with Tow Boat US to pull the yacht out of the basin it is in, over the shallow entrance to the river, as soon as we have a Northeast to East wind for a few days and the river level will rise. It is March, it might happen soon.

I have been in contact with three ex captains of the yacht and will turn over their names and numbers to the new owner after a sale, with a suggestion that the new owener might interview them for the captains job.

If you work for an owner who wants a project, for low dollars, the 16V92 mains have 3300 hours and the gens have around 10,000 hours. After an engine room refit someone will have a good deal. I can be reached at Bradford Marine Yacht Sales

Tucker Fallon


Anonymous
Posted: Saturday, March 14, 2009 9:08 PM
Makes sense that the yacht couldnt be moved out of area.  Parking them on a mudbank is an age old method.   Shame they couldnt pull off something classy.  Must really hurt the resale value when people talk about it.  Oh Well......I see poorly handled mothball yachts all the time. 
Anonymous
Posted: Sunday, March 15, 2009 4:00 PM
This brings to mind the question of what happens to the crew when a repo occurs. Are they just told to get off, are there wages paid? Are their trips home paid? What is their immigration status? When the repo Captain grounded the vessel did he notify the USCG? was he properly licensed to operate the vessel?
Anonymous
Posted: Sunday, March 15, 2009 5:14 PM
Id expect that the crew had been long gone.  Id also think that the yacht was not run aground it was tied up in a shallow  cheap berth.  Repo captains I know are not hollywood cowboys, they do good work and dont get paid until the work is carried out as described by the customer.
Yachtbrokerguy.com
Posted: Monday, March 16, 2009 1:07 AM
Joined: 15/09/2008
Posts: 12


The repo captain did not run aground, the river level dropped in the many months it took to get clearance to sell the yacht for the bank. The yacht is floating now, it is simply too shallow in the channel to the river to take a risk. It is in a very small basin, the captain was skilled to get it into a tight space, he did not cause any damage. It is not on a mud bank, it is tied alongside a bulkhead. There should be no damage to the yacht because of the location, the prudent move is to wait for the river to rise as normal.

The value of the yacht has been afected by lack of care, like all foreclosed houses and repossessions, but mostly by the fact it is being advertised as a repossession. Because of the location and the difficulty to easliy move the yacht to Fort Lauderdale, the yacht is not listed on the major internet sites, however there have been three offers to purchase the yacht in the last two weeks, it will sell quickly and will be back on the charter market and cruising with the new owners, who will buy for less than than normal market value.

Wages for crew by the way, have a higher priorty than the mortgage or mechanics liens. In the eyes of the courts, crew are unsophisticated, uneducated, and are likely to be taken advantge of by owners, who are considered by the court as smart business people. The courts will help to protect crew over owners and creditors. Repossessions do not happen overnight, the owner and the bank will negotiate to try to solve the problem, but by this time the owner will not be paying a crew.


Anonymous
Posted: Wednesday, March 18, 2009 8:42 PM

This boat was well maintained and the original broker had the amount Bradford Marine is asking for in just 6 days.  The word is the bank held out for more.  It happens.  Hopefully Bradford will be able to do as well as the original broker did and make this situation go away for everyone affected.


Anonymous
Posted: Wednesday, March 18, 2009 10:06 PM
the st johns river is still falling and the hope for a noreaster to raise the river this late in the season is only a hope. This boat could have been taken to green cove springs, a little further north in the river and either tied at their docks along with many other repos and project boats including gambling boats and other large vessels, or hauled out onto the hard. The broker in this instance and the repo captain both may be liable for negligence by placing the boat in such straits. Again greed takes a toll.
Yachtbrokerguy.com
Posted: Thursday, April 2, 2009 8:56 PM
Joined: 15/09/2008
Posts: 12


The last post says the broker may be liable for negligience. When I first started dealing with this yacht last July, I suggested moving the yacht to Fort Lauderdale immediately. I was told that the US Court would not allow this at that time. When I finally received a written listing agreement from the bank on Feb. 2, 09, the boat was already at it's current location, and had been there since November.

The repo captain moves the boat to where he is told to move it, just like any captain follows the orders of the owner (within safety concerns). I never met the captain or talked to him, I might guess he works a regular job and does freelance captains work for a recovery company, maybe deliveries, maybe part time for boat owners. To say that there is negligience on my part or the captain's part is unacceptable.

 


Anonymous
Posted: Tuesday, May 12, 2009 4:25 PM
what ever happened with poor Gabriella? The St. Johns is at an all time low and many water districts are trying to take millions of gallons daily from the river, will the boat just sit there aground forever?
Yachtbrokerguy.com
Posted: Tuesday, July 21, 2009 6:13 PM
Joined: 15/09/2008
Posts: 12


Gabriella is sold. The new owner already has another Broward currently, and intends to update, renew and rebuild to bring this yacht to top condition.

I was able to find one of the previous captains and arranged for him to move the yacht to Fort lauderdale after the river level went up in May. When the yacht was hauled we saw that the props were in OK condition, some minor waviness at the tips, but it might have been that way for a long time. The rest of the bottom looked good, no proplems from being in the shallow basin on the St. John's River.

A lot of buyers looked at the boat, and a few made offers. Since it was being sold as a repo it was being sold AS IS , and a few buyers tried to get the bank to reduce the price after surveys. One smart buyer saw the value in the boat and bought it for over 1 million dollars. After a refit, he will still have the yacht for less than market value.


 
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