From the Yachtworld description :

Ugh.

Looks like Cuda's boat....bimini top and sitting on a trailer!! Sorry Joe! I'm getting a little cabin fever on this miserable day off.

You have to realize the black BP was applied for a reason.

1) Hull would not come clean because it sat in crap for so long.

2. It was all scratched or all boggered up with obvious repairs.

3. Blisters. BP covers blisters really well.(for a short period of time).

4. It was bottom painted and it looked like crap to begin with.

EC39, I can understand all of those reasons as being valid points. I've also been around marinas that will not allow shore stations and don't offer rack storage. The alternative is to apply bottom paint to avoid the algae growth and permanent discoloration that water can cause.
I've seen a lot of Cary 50 boats with white or shark grey bottom paint applied. It doesn't look the greatest but it sure beats having grass growing on the hull sides.

Crazy, you're just the eternal optimist

I bet it was legit. You can always sand a spot, it looks like it is ready for another coat anyway.

UHG The cockpit colors kill me

I'm with Capo...I think I hate the "Palm Beach" colors more than bottom paint. I didn't even like them when they were new.

Hey, you ever tried to mow that grass that grows on hull sides???? You gotta have a special mower to shave it close enough.
After laying under my last cruiser, the 31 Sea Ray, for three weeks with a can of waterproof filler and an air sanding board I can tell you that bottom paint doesn't prevent blisters. I fixed about ten thousand (I'm not kidding either) of them after sandblasting the bottom and leaving it exposed in dry storage for over a year.
If you're lucky the guy that owns that Formula did not use a barreir coat before applying the bottom paint. At least that way you can strip the bottom paint and polish the hull.

Having left my 382 in the water for 10 days without any bottom paint (once), I can tell you that some sort of anti-fouling paint is absolutely necessary if you leave your boat anywhere other than dry land. It took us 3 hours to get all the gook off....