Receive the latest mybusiness news
Copyright © 2020 MOMENTUMMEDIA

‘Party boat’ goes to auction for just $1

Adam Zuchetti
Adam Zuchetti
17 May 2019 1 minute readShare
MV Matilda

A $3 million, 100-foot commercial “party boat” is currently seeking a new owner, with bidding at its auction starting at just $1. However, there is a catch.

The MV Matilda will be auctioned later in May by Lloyds Auctions, who admits to be unsure of how much it may sell for given that it is “in need of repairs to stay afloat”.

Currently moored upriver from Sydney Harbour, the 100-foot (30 metre) catamaran was previously used for hospitality functions, including harbour cruises, weddings and private parties.

At 11 metres wide, the boat was built in 1986 and launched in March the following year, and is capable of carrying up to 350 people.

It has built-in bars and galley kitchen, but has been out of service for “less than a year” due to its need for urgent repairs.

In a statement, Lloyds Auctions said the vessel “has sustained significant hull corrosion from the effects of ‘osmosis’, which can happen when welding is not properly conducted from onboard the boat”.

“Deep pitting has occurred on the boat, forcing it to be moored until further repairs can take place,” the auction house said.

“Currently in an un-seaworthy state, it is a welder’s dream or the perfect opportunity for a boat builder.”

The firm’s head of business development, Glenn Screech, admitted that his team are stumped as to what the selling price could end up being.

“The boat could sell for any price, as it has no reserve, and we aren’t sure what it will actually sell for as this is such a unique sale,” he said.

“Bidding will be starting from just $1, so it could potentially sell for a bargain to one lucky bidder.”

Chief operations officer Lee Hames added that the vessel is worth around $3 million brand-new, “although this vessel could sink in a few year’s time if [the new owners] don’t do repairs”.

As of 4pm on Thursday (16 May), online bidding for the vessel had reached $13,000.

A spokesperson for Lloyds Auctions said they could not disclose the seller’s identity.

‘Party boat’ goes to auction for just $1
mybusiness logo
Adam Zuchetti
Adam Zuchetti

Adam Zuchetti is the former editor of MyBusiness and a senior freelance media professional, specialising in the fields of business, personal finance and property. In 2020, he also embarked on his own business journey – inspired in part by the entrepreneurs and founders he had met through his journalistic work – with the launch of customised pet gifting and subscription service Paws N’ All.

Leave a Comment

Latest poll

How satisfied are you with the SME measures in the federal budget?