Hmmmm, old 55' Chris Craft? Wood Hull? Bow snapped off in 5' waves?
Sounds like it was in about the same condition as the one Seabuddy had posted the pics of that the guy was going to restore. Lots of dry rot hidden in areas below nicely finished wood could lead to that happening.
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"Liquid Asset" 96 SeaRay Sundancer 330

I just want to go boating!