[bradford]

I'd bet he used a paint not intended for use below the water line and left it in the water for an extended period of time causing it to peel. Depending how high up the hull sides the peeling goes you might be able to keep it, just sand the stuff below the waterline and maybe use a bootstripe to clean up the lines.

Keep in mind I don't really know what the hell I'm talking about, I'm just a redneck that likes screwing around with boats.

Ps, what type of hull is that Spare? The lines remind me of a Scout, but better.