In The Orginal Yacht Project 2011 to 2014

Prior to February 2010, I was living in Europe, bored and desperately needing a project. I had been thinking about a live-aboard yacht for five years. Inspired by others, I decided to act on my dream and took sailing lessons. I returned to Australia early in 2010 and my mother became very sick shortly after I arrived. I supported my mother through the remainder of 2010, while wheeling and dealing to raise money.

I found a Bruce Roberts 38-foot steel yacht for sale for $10,000. The Roberts needed the deck completely replaced, and many spots on the hull required re-plating.

At the same time as I was looking at the Roberts and dreaming of having my own yacht, I ran an advertisement in a free local trading paper. The advertisement read: Cheap 36 to 40 foot yacht project wanted. I received a call one day from a man who said “my yacht’s maybe more money than what you plan to spend, but come have a look anyway”. I took an older friend who knows boats with me to see Diomedea. My friend had seen the Bruce Roberts 38 as well.

There was no comparison as to which was the more worthwhile project, however Diomedea was a lot more money than I had budgeted for. I looked at Diomedea several times before I asked the owner if I could make a deal with him to pay her off. The original deal was for me to pay her off in six months, as these things go it took 12. I was told, “you should not try to buy a yacht you don’t have the money for”. My way of thinking was, it’s like a savings account towards my greatest adventure and total freedom. I had to make it work and I did, thanks to the understanding of the last owner.

Peter Edmonds Naval Architect
Posted at 2011-12-23 01:55:34

Brief association so far – only a couple of hours on site. I think you are will out of the major structural replacements from the Roberts 38. I can imagine that even with shell and deck done, the work would. only then just start.
The DIOMEDEA worklist will be extensive, but a lot of it will be discretionary items. I don’t regard the actual purchase price as of great significance in this project, as you are looking at a total expenditure supporting your efforts over a prolonged period. If you can more or less keep the funding up to service your work rate, you will be doing reasonably well. By starting with a “complete” boat, you avoid the money-intensive activity of late in a project of new construction.

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