Investigators said Michael Frye Sr., 54, and Michael Frye Jr., 28, had a deal with a man from North Carolina to take care of his 1973 blue and white Tollycraft, but they tired of the craft when the man failed to pay and so they towed it out into the Gulf of Mexico and abandoned it 500 feet offshore, the Tampa Bay (Fla.) Times reported Tuesday.
"They weren't collecting the money, so they dumped the boat," Steven Timlin, a Treasure Island police officer, said.
The Fryes were charged with grand theft and littering.
Police said they are trying to contact the owner of the vessel.
2014: The Year in Music [PHOTOS]