Operator and a passenger both stated they were moving about 45 mph then put the boat in neutral.  The nose went under water and the boat sank.  Per owner over the phone: Boat was taken out of water but not repairable (total loss).  Boat monetary loss: $16000.  Both people were in water for short time, then rescued by other boater.  Problem of going down was 100 % mechanical problem.  They heard a bang before boat nose went down.
West Bloomfield               