50% ownership, I want to sell but partner does not

[scdunn]

California

I could not find an appropriate forum for this discussion so I thought the closest might be business law, although really this involves property (co-ownership of a boat).

I own 50% of a small boat in Southern California with another person (who owns the other 50%). I want to sell the boat, but he does not. I have offered to sell him my share, but he says he cannot afford full ownership of the boat and refuses to buy. So, I have tried selling the 50% interest in the boat for years now and no one will buy it. It seems that people in my market just aren't interested in buying half a boat. In the mean time this boat costs me about $5,000 a year, and I never use it.

I am wondering if I can legally force my partner to sell, or if there are any other options to get rid of it?

Again, sorry if this is the wrong forum for this...please feel free to recategorize.

-Shawn

 

[justalayman]

sure you can. You can spend lots of money in court to sue to partition the title. In the event the co-owner will not buy you out, a judge will demand the boat be sold (even if it is at a extreme loss) and the proceeds split.

In that case, neither will have the boat and you will both have less money.

 

[LeeHarveyBlotto]

What's the boat worth?

 

[scdunn]

The boat is worth $8,000 and the slip is worth $12,000 for a total of $20,000.

Thanks,
Shawn

 

[LeeHarveyBlotto]

And what does the annual $5K in expenses consist of?

 

[scdunn]

Slip fees, bottom cleaning, saving up for new sails every 2 years or so, plus regular maintenance (everything is constantly corroding in the salt air).

 

[LeeHarveyBlotto]

Sorry for playing 20 questions. I'd go back to your partner and tell him to make you an offer. Even if you effectively give away your share, you're out.

 

[Ozark_Sophist]

5K annual expenses for an 8K boat? Do you own the slip? Even still, your value is 2x the annual expenses.

What would happen if you stop paying?