Luxury boats sold for 50 per cent off Boats repossessed in financial crisis Families picking up "unbelievable deals" THE wreckage of the financial crisis went on public display on Sydney Harbour yesterday - 16 luxury boats that their owners could no longer afford.
The repossessed motor cruisers, all near new, went under the hammer at a Cabarita Point marina.
More than 600 bargain hunters looked for savings of up to 50 per cent.
The best deal was a 2008 Fairline Targa 47 - with a book value of almost $1.5 million - that went to an ecstatic buyer for just $685,000.
"I think I got an absolute bargain,'' said the bidder, who declined to give his name.
Judging by a carpark full of luxury cars, including a Rolls Royce, bidders were not short of a dollar, despite the downturn.
All 16 boats were repossessed from cash-strapped dealers, who had been unable to sell them.
The auction raised $4.5 million.
Pickles director John Leftwich said buyers had made savings of 30 to 50 per cent.
"Across the board, I think people got fantastic value for money today,'' he said. "We've seen this kind of deflation in real estate prices, so why not in luxury goods like boats?''
A man who bought a boat on the spur of the moment, while his wife was at a sausage sizzle, said, "We're seeing crazy deals.''
Sydney couple Rodney and Darrall Unsworth bought the "hidden gem of the sale'' - a 2007 Mainship Luhrs 40 motor cruiser to share with their family.
"It's a beautiful boat and within our price range,'' Mr Unsworth said, but declined to reveal its price.
