I've seen it happen on several occasions. On each of the occasions I've seen the mechanics lien, or storage
lien was higher than the value of the vessel.
I've seen a few, where the owner simply abandoned the vessel because the cost of repair exceeded the value of the vessel AND the cost of disposal exceeded the value of the vessel as well.
Nobody walks away from a sound $30,000 vessel free and clear of liens.
There are no free lunches and no free/cheap boats.