Sunk Cheoy Lee—Worth a Refit?

[tkamber]

My beloved 1975 Cheoy Lee 55 sank a week ago in a gale in New York. The boat was fully submerged for five days before being raised, hauled and blocked at a local yard that allows people wide latitude to work on their own boats.

I just finished a years-long refit on the boat all the way down to the hull, including all new electric and systems and a generator. I have strong personal attachment to the boat but also want to take the opportunity to consider buying a comparable boat in the $200K range using the insurance proceeds.

The surveyor has declared it a total loss. But we got the engine running again already and the generator is pickled. I have a crew of reasonably affordable local friends who have removed all debris and are washing and cleaning all surfaces. There is moderate but repairable damage to the hull and side roof supports (fiberglass work), plus I need a new swim platform, all new wiring and electric motors for the windlass and bow thruster, electronics, HVAC, etc.

I have some expertise, a good and affordable work crew ($20-40/hr, including some very skilled labor at the top of that scale), and the patience to shepherd this for a year. But...$200K is not a lot of money for a job of this scope.

Here’s my question: most people say a fully submerged boat in salt water is not really worth the work to bring back. Does anyone think I should consider doing a refit instead of selling the boat for salvage? Has anyone done a similar project with a fully submerged boat?

Any advice would be appreciated.




Ps. The sinking was caused by an incorrect tie-up that caused the boat to smash hard against the dock with the stern and punch the swim platform struts through the hull. No one was hurt or on the boat. Lesson: never trust the dockhands when they tie your boat across the entire width of a dock and tell you that’s the way they do it there.

 

[Comodave]

Unless you just enjoy working on a boat, I would move on to a new boat. I think you will be years uncovering hidden problems. But good luck which ever way you go.

 

[Pete Meisinger]

About ten years ago a 45 foot Silverton sank in the fresh water of Lake Michigan. It was raised quickly, engines pickled and ventilated. The restoration is still not complete nearly ten years later. the owner is becoming older and has developed health problems, it will not be completed, sadly.

Of course there were many, many issues. Not the least of which was the fact that a full sewage tank floated all its contents into the boat.

I would say, sadly, walk away from it. the quicker you can get it out of your mind the better you will be.

pete

 

[bayview]

All the wiring and other electrical stuff is probably ruined.

salt everywhere will absorb moisture forever and cause corrosion, mold etc.

A thorough flooding with fresh water wouldn't help the hidden spaces unless you resank it in a lake.
Choy Lee makes nice boats but that would be beyond what I would want to tackle.

 

[rgano]

If you buy it back from the insurance company, won't you get a title with big red letters across it spelling SALVAGE? Think resale. Think another couple of years lost which could see you happy in another vessel. WALK AWAY.

 

[Olebird]

Rule #1 - Never fall in love with something that can't hug you back!!


Unless you just want to live with one problem after another - forever - take the money and run!!

 

[High Wire]

One of our members on this forum recovered a freshwater sunk 42 footer in the great lakes. I can't recall his handle. Perhaps he will jump in.

 

[Ken E.]

You'd be looking at an astronomical amount of work and expense to bring that boat back. I also would walk away, and buy another boat.

 

[Comodave]

If you buy it back from the insurance company, won't you get a title with big red letters across it spelling SALVAGE? Think resale. Think another couple of years lost which could see you happy in another vessel. WALK AWAY.

I don’t know if they track salvage on boat titles or not. I know they do on cars. But still I would not want to buy a sunken boat especially in salt water.

 

[DNT99611]

The hull itself will not be a problem but the rest will be a mess. I have a hull that was stored over one winter by sinking it at the dock. Hull was deep enough other boats would not hit it and no worry over ice damage.

 

[rsn48]

I think the big question is - do you prefer working on boats or cruising on boats? If cruising walk away and use the insurance proceeds to purchase another great used boat.

 

[Comodave]

The obvious things are the engines, wiring but then what about bulkheads that were saturated. How long to dry them out without mold growing? I don’t think you will ever be happy with it, I know that I would not be happy with it.