< Slush Pile Tips
A Fine Distinction >

[Comments] (1) Abandon Ship: I've written before about the New York Times's interest in the stupid problems of the wealthy. So has Sumana. But now the wealthy aren't so wealthy anymore, and their problems have changed. It used to be your biggest hassle was finding low-salt cocktail olives for your yacht to compensate for the saltiness of the sea air. Now you're more likely to be scouting for the best way to wreck that yacht and collect the insurance money.

The owners cannot sell them, because the secondhand market is overwhelmed. They cannot afford to spend hundreds of dollars a month mooring and maintaining them. And they do not have the thousands of dollars required to properly dispose of them.

So they're being sunk or just abandoned, like underwater mortgages. A few months back when we were walking along the Hudson, Evan expressed admiration for the boat-having lifestyle. There's never been a better time to buy, Evan!


Posted by Evan at Thu Apr 02 2009 00:06

Trainspotting -> Boatsquatting

I love this part of the nytimes article:
[...] Lt. David Dipre, who coordinates Florida’s derelict vessel program, said the handful of owners he had managed to track down were guilty more of negligence than fraud. “They say, ‘I had a dream of sailing around the world, I just never got around to it.’ Then they have some bad times and they leave it to someone else to clean up the mess,” Lieutenant Dipre said.

What happens to a dream deferred? Someone else has to clean up the mess.

[Main] [Edit]

Unless otherwise noted, all content licensed by Leonard Richardson
under a Creative Commons License.