C32 with two brown/dark turbochargers

Yeah it is an exhaust leak, but it came out where it came out because it was trapped inside the exhaust blankets which are no longer there because they got melted. Those s/s compensators (accordian looking exhaust pieces) that Azimut uses go bad ALL of the time....... 2 year lifespan regardless of hours.......and the ones in the pic are almost brand new. Usually in 6 months and 40 hours of usage they look like the exhaust under a pickup truck that has been driving in snow for 5 years.......

3 years on the hard and no proper pickling of the engines and honestly if I was buying the boat, I would figure the price of majors on the engines and generators into the price of the vessel. You'll probably/maybe get lucky and not have to do that, but at least if you do you're covered moneywise.