Our yacht Management agreement ended July 23, 2023 and our boat has not been refurbished. In addition, the boat , a 2019 514PC based in the BVI, was, without our knowledge or consent, moved to STL. We hired a Moorngs broker last summer, who told us the boat had to be retrofitted before it could be offered for sale. At the beginning of 2024, the Moorings Owner representative told us we had to have an offer on the boat before it would be put in the queue for retrofit.
514s like ours sold for $680,000 last fall , but are now selling for about $550,000.
We did have a fully executed sale agreement with a closing date of March 31. A non refundable deposit of $55,000. Was supposed to have been paid. We learned, on March 30 that the deal fell through with no explanation about why or where the deposit funds are!
Our Moorings broker has told us the boat sure would be easier to sell if it was in the BVI.
We can certainly go to arbitration in Florida over this as required by the contract ( 3 mean lawyers in our group) but even further delay would occur.
My best advice to myself is to take possession of the boat… get it repaired, file suit against Moorings, both in court and arbitration. But, and this is the kicker, I do believe this is happening because of a bad Moorings decision to open a Moorings maintenance base in STL. I think they have not been able to hire and keep maintenance staff.. so how would I if they can’t….
Proverbial rock and a hard place…..picturing my boat on blocks in a fenced yard in STL with Dobermans around it….
Your thoughts Moorings owners?
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