Selene Auction

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OPUS said:
So I was away for the weekend looking at other boats and enjoying our first days out after hunkering down at home since early March.

I have learned the following since my last post:
1. The salvage company does not own the boat - they are handling the auction on behalf of the insurance company
2. A 10% premium is payable to the salvage company based on the excepted winning bid
3. My marine broker is willing to accept a survey done on the hard as the boat may not be sea trialed in advance of the auction
4. The salvage company is willing to provide a reasonable amount of time to close with a 10% non refundable deposit
5. I looked at green hulled Selene over the weekend that had supposedly been repainted. The matt through was clearly visible but I’m not convinced that the prep work before painting was done correctly based on the overall condition of the boat

Still considering a low bid allowing for a $100k repaint, the 10% purchase fee to the salvage company and the cost of moving the boat to the east coast. Moving the boat is the most daunting given the auction timetable and our business related challenges as we are 18 months from full retirement.

Need to start investigating shipping costs from Washington State to at least the Florida East coast as well as identifying a good surveyor in the area.

Any TF forum member help On these 2 issues is appreciated
Click to expand...

Have you considered leaving it on the West Coast for 18 months and then driving it home on the water? Incredible trip and you'll be retired. Half of that time will be rehabbing the boat anyway.
 
Hi, hope this deal will work for you, I am just back from a short 3 days cruise on my Selene and I can tell you that they are fantastic boats. Cannot be happier with my Selene, comfortable, seaworthy, strong and elegant. Cannot wait for countries to reopen to schedule my 3 weeks cruise to Myanmar.

E
OPUS said:
So I was away for the weekend looking at other boats and enjoying our first days out after hunkering down at home since early March.

I have learned the following since my last post:
1. The salvage company does not own the boat - they are handling the auction on behalf of the insurance company
2. A 10% premium is payable to the salvage company based on the excepted winning bid
3. My marine broker is willing to accept a survey done on the hard as the boat may not be sea trialed in advance of the auction
4. The salvage company is willing to provide a reasonable amount of time to close with a 10% non refundable deposit
5. I looked at green hulled Selene over the weekend that had supposedly been repainted. The matt through was clearly visible but I’m not convinced that the prep work before painting was done correctly based on the overall condition of the boat

Still considering a low bid allowing for a $100k repaint, the 10% purchase fee to the salvage company and the cost of moving the boat to the east coast. Moving the boat is the most daunting given the auction timetable and our business related challenges as we are 18 months from full retirement.

Need to start investigating shipping costs from Washington State to at least the Florida East coast as well as identifying a good surveyor in the area.

Any TF forum member help On these 2 issues is appreciated
Click to expand...
 
Opus

Have you or your qualified representatives seen this boat? Have you pursued local knowledge for background, beyond the salvage company, regarding vessel in question? Also, investigate leaving this vessel in WA for very long as 10% sales taxes will kick in.

The folks at Salmon Bay Marina can help with shipping advice.
 
BandB said:
Have you considered leaving it on the West Coast for 18 months and then driving it home on the water? Incredible trip and you'll be retired. Half of that time will be rehabbing the boat anyway.
Click to expand...

That is what I would do. Take some vacation time, when the virus settles down, and do some local cruising in the PNW in that 18 months then run it home. Awesome trip.
 
Comodave said:
That is what I would do. Take some vacation time, when the virus settles down, and do some local cruising in the PNW in that 18 months then run it home. Awesome trip.
Click to expand...

We purchased in Washington but we saw Alaska, the PNW, California, Mexico, Nicaragua, Costa Rica, Panama, Honduras, Jamaica, Cayman Islands and more on our trip home.
 
BandB said:
We purchased in Washington but we saw Alaska, the PNW, California, Mexico, Nicaragua, Costa Rica, Panama, Honduras, Jamaica, Cayman Islands and more on our trip home.
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That’s an awesome trip, but to keep things in context, I believe you have a large boat and you carry a paid crew with you?
 
lwarden said:
Ok, Got a chance to look at it today and it doesn’t look like print through it looks like more of a lamination issue, perhaps something to do with rolling out the laminate, if I had to guess.
The lines are mostly vertical and are random. Perhaps lines from roller edges leaving resin rich or resin poor areas?

Anyway, I’m not surprised the owner pressed this to the point where they got refunded.
I would imagine it would need to have the hull planed down to the laminate, a layer of glass and epoxy added, re-faired, prime and paint would be what is required. If I bought it and had the time and a couple hands I wouldn’t be afraid of the job, but the estimates of $100-200k are probably not far off.

There is evidence of several core samples taken, poorly patched.
Click to expand...

Thanks Iwarden and to those who commented on his pics. This is not the same matt through issue I could see on the Selene we walked on this past weekend. Did not have time last evening to look at prior posts before I added my update. Given the more apparent serious nature of the hull issues, the short time frame and the long distance challenges it seems unlikely we will bid on the boat. If we do it would be a very low offer near their minimum.

Not ruling out PNW boats for the future as many noted it would be the trip of a lifetime. Timing is everything and we are a year ahead of our plan due to the unexpected quick sale of our boat.
 
Fletcher500 said:
That’s an awesome trip, but to keep things in context, I believe you have a large boat and you carry a paid crew with you?
Click to expand...

Yes, but we still would have done that in a Selene that size. Anything capable. We would have just taken longer. We also took breaks and flew home and spent extended time in some places. Only a couple of runs that would have been challenging for a crew of just two or three. I would definitely prefer to have three or four aboard for such a trip. That would facilitate running overnight when desired. We ran a total of 7 nights of which a couple were caused by us going to Jamaica and the Grand Caymens, a bit of a detour, but likely most would need to make at least 3 overnight runs plus would need to take some help at the Panama Canal.

Still trip of a lifetime and we just couldn't pass. What a retirement present it would be.
 
We bought our boat in Anacortes with the intention of using it for the summer in the San Juan's and bringing it down to SoCal in September. The wife and I are enjoying it so much up there we are now planning to keep it up there for a year. We have been going up every three weeks or so and doing 4 day weekends. So what was originally kind of a negative of not having a local purchase has turned into a big positive. We purchased a year long cruising permit in WA which allows us to keep it up there and avoid sales tax (both in WA and CA). Win-win situation if you ask me. To be honest we have been discussing retiring up there so this kind of allows us to dry-run that idea.

That Selene is a really nice boat, if someone gets it for south of $600K they will be happy. Worst case plane down, glass, fair and paint and you would have an awesome boat.
 
lwarden said:
That Selene is a really nice boat, if someone gets it for south of $600K they will be happy. Worst case plane down, glass, fair and paint and you would have an awesome boat.
Click to expand...

I'd plan up to $200k for refinishing it and make arrangements with Delta for them to look at it and then do the work if I won. It would seem to me to likely be salvageable.
 
Selen

Very good advice below


:thumb:

sunchaser said:
Opus

Have you or your qualified representatives seen this boat? Have you pursued local knowledge for background, beyond the salvage company, regarding vessel in question? Also, investigate leaving this vessel in WA for very long as 10% sales taxes will kick in.

The folks at Salmon Bay Marina can help with shipping advice.
Click to expand...
 
“We purchased a year long cruising permit in WA which allows us to keep it up there and avoid sales tax (both in WA and CA).”


Be careful about that. If you buy a one-year cruising permit in Washington, you are obligated to keep your boat out of Washington waters for two full years when your permitted year concludes. If you bring your boat into Washington waters during that two year period after your permit expires - for even a day - you will trigger an obligation to pay WA state use tax (which is the same amount as sales tax) and annual excise tax on your boat.


Back on the thread: We’re now cruising in BC on a new-to-us Selene 43. We couldn’t be happier, and the boat has served as a comfortable and seaworthy home during the Covid episode, due in large part to a very conscientious previous owner. We have no regrets about our decision.
 
I need to get on a Selene 43. Anyone giving tours in the PNW PM me.
 
Hmmmm, beginning to sound like Washington is worse than Calif.
 
Kawini said:
“We purchased a year long cruising permit in WA which allows us to keep it up there and avoid sales tax (both in WA and CA).”


Be careful about that. If you buy a one-year cruising permit in Washington, you are obligated to keep your boat out of Washington waters for two full years when your permitted year concludes. If you bring your boat into Washington waters during that two year period after your permit expires - for even a day - you will trigger an obligation to pay WA state use tax (which is the same amount as sales tax) and annual excise tax on your boat.
.
Click to expand...

Thanks for the warning but we are very aware of the WA rules on the cruising permit.
 
Take to a Hinkley yard and have it repainted the same color. I would think it would be fine.
No mention of active stabilizer and a water maker, a list of electronics would be nice, bow thruster and stern thruster.
Add fuel, water, stores and some spare parts and oil......
I’m sure there will be enough folks here willing help run it, for free.
New owner provide the provisions and fuel, a small cruise ship. Next destination?
 
Last edited:
Ted said:
Last I was aware of Anacortes WA was still in the US
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Due to recent activity in WA, it may end up as a 3rd world.
The listing was a bit confusing, mentioned stored in France.
I cant find the videos. SHRUG
 
bligh said:
Finally. I've been following this from the beginning. Ok so who bought it?
Click to expand...

Until they receive some money and figure out if they have to go to any of the other bidders, you won't hear a word.
 
OK, so we just received the scoop on this auction from our broker based up in Anacortes.

The boat sold in the upper $800k range (after 12% buyers fee), and the new owners are on board today.

We understand that the insurance company had the salvage company put the boat out for an extra day of bidding after rejecting the first round of bids. So, the auction didn't close until Friday at Midnight.

We also obtained some additional background on the insurance claim from the insurance broker whose client formerly owned the boat. Apparently, the original owner had a Traveler's Luxury policy on the boat that included coverage for latent manufacturing defects. The owner used that clause to force an attempt at remediation (repainting the hull), when that did not fix the issue to their satisfaction, they pressed for a settlement.

We viewed the boat prior to the auction, and if we had paid anywhere near $1.8M we would have pressed the issue too. On the other hand, if we had been lucky enough to purchase the boat through the auction (even at upper $800k range), we would have simply named it appropriately and cruised it as is for the next 20 years ;-)

Everything we learned about this boat suggested it is just a cosmetic issue.

That is the story as we know it.

Congratulations to the new owner, it is an amazing boat!
 
I guess that they are happy that they had that level of insurance on the boat.
 
GMS said:
OK, so we just received the scoop on this auction from our broker based up in Anacortes.

The boat sold in the upper $800k range (after 12% buyers fee), and the new owners are on board today.

We understand that the insurance company had the salvage company put the boat out for an extra day of bidding after rejecting the first round of bids. So, the auction didn't close until Friday at Midnight.

We also obtained some additional background on the insurance claim from the insurance broker whose client formerly owned the boat. Apparently, the original owner had a Traveler's Luxury policy on the boat that included coverage for latent manufacturing defects. The owner used that clause to force an attempt at remediation (repainting the hull), when that did not fix the issue to their satisfaction, they pressed for a settlement.

We viewed the boat prior to the auction, and if we had paid anywhere near $1.8M we would have pressed the issue too. On the other hand, if we had been lucky enough to purchase the boat through the auction (even at upper $800k range), we would have simply named it appropriately and cruised it as is for the next 20 years ;-)

Everything we learned about this boat suggested it is just a cosmetic issue.

That is the story as we know it.

Congratulations to the new owner, it is an amazing boat!
Click to expand...

I wonder if Travelers is then making a claim against Selene and their insurer.
 
High 800’s sounds like a good price for the boat. Anyone know how that price compares to past comps for the same boat without the paint issue?
 
BandB said:
I wonder if Travelers is then making a claim against Selene and their insurer.
Click to expand...
I wondered that too. I'd love to be a fly on the wall for the negotiations between insurer, owner and manufacturer. I guess this process has established the financial value of the defect. That was probably a major point of contention from the start.
 
BandB said:
I wonder if Travelers is then making a claim against Selene and their insurer.
Click to expand...
I wonder what the original owner had to eat and if he got anywhere near replacing what he had. In any case, it had to have left him with a bad taste.
 
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