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Sealed bids from Berthon

January 31, 2014

Over the years we have seen a number of iterations of the auction concept applying to the sale of yachts and there are some advantages to adopting this method of sale for both seller and buyer, provided that the transaction is handled properly within a proper legal framework and provided also that full disclosure is offered in terms of condition, title and all other paperwork. Sealed bid is something that we at Berthon have managed on a number of occasions and whilst it doesn’t suit the general brokerage transaction there are occasions where it can offer a degree of certainty for both the yacht owner and the buyer. We have just announced that we are offering 2 motor yachts for sale via this system. Both are being sold with current surveys so we offer full disclosure of their current condition together with copies of their title paperwork. The way that the process works is that bid packs are available for each yacht. These contain –

  1. The specification of each yacht. They are sold as seen, so these are for guidance but they give a good idea of the yacht.
  2. A current survey
  3. A dossier of title information
  4. A bid form
  5. The rules of engagement for the bid process
  6. An unconditional sale and purchase agreement.

Both yachts have a date by which the bid has to be in and an end date on which all bids are opened. Bidders are welcome to inspect the yachts where they lie – both are ashore at the moment and to make any investigation that they wish about either yacht. If you are a bidder and you then want to make a bid, the bid form is completed and sent to Berthon with a cheque made payable to Berthon for £10,000.

The bids will remain sealed until the date on which they are to be opened. At that point, the successful bidder’s cheque will be banked and will be credited to Berthon’s client account. The successful bidder will then be asked to sign an unconditional sale and purchase agreement. In order to make this an easier process the survey reports can be assigned to the bidder at a small cost.

You are welcome to discuss the yacht in detail with the relevant surveyor. Once the sale and purchase agreement is signed the balance of the deposit must be lodged with Berthon with the balance to follow on the due date. Berthon will run all necessary title checks and you will be provided with good, clear title at the point of sale. Neither yacht is VAT paid so this will have to be dealt with if you are an EU national planning to keep the yacht in the EU. The yachts are very different but both have the potential to offer great value for money – 70’ Malahide Trawler – CONNDA VENNESSA A massive constructed trawler, CONNDA VENNESSA has been substantially updated in this ownership and really is a proper little ship. She offers incredible accommodation coupled with huge range and immense charm. She has cruised the Eastern Mediterranean extensively in this ownership and was previously kept in the Red Sea where she operated as a diving charter yacht very successfully. When this owner bought her she needed the investment that he gave her for full yacht use. She is lying at Yacht Marine in Marmaris in Turkey. This is a large facility with very good service available on the edge of an amazing cruising ground. 70 Malahide Trawler 1-SealedBid 2-SealedBid 3-SealedBid 4-SealedBid 20m Horizon – LADY PENELOPE From 2005, LADY PENELOPE has spent most of her life in Palma de Mallorca. She has been little used and has twin 1,000hp Caterpillars together with 4 double cabins including great crew accommodation aft. Her cherry interior is spacious yet intimate and she has a huge aft deck, platform and flying bridge. Horizon build to a very high standard and this is clear to see. She now requires some TLC to make her gleam as she should and she also offers moderate consumption at displacement speeds. She is a great all rounder with contemporary good looks. (LADY PENELOPE IS NOW SOLD) 5-SealedBid6-SealedBid7-SealedBid8-SealedBid If you would like to know more about either yacht or about the bidding process please do let us know as we would be delighted to let you have all the griff including the full bid packages for both yachts. Contact sue.grant@berthon.co.uk

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