It's easy to spend more than you could ever hope to recover when it comes time to sell. Take this boat for example...
http://cgi.ebay.com/ebaymotors/ONE-O...spagenameZWDVW
I'm sure he really did spend 100k as he claims and the boat does look like it has had a lot of work done to it. The seller is trying to get back 1/3 of his expense, which isn't going to happen.
The boat that you're looking at seems to be in only fair condition and it's hard to see 14k worth of work in it. MJ's looks like a much better deal!