Premier Darrell Dexter announced today that the assets were received by the province's Schooner Bluenose Foundation.
The provincial government and the Bluenose II Preservation Trust Society have been working to complete the deal since 2005 and reached an agreement in principle in December 2010.
The assets include more than $540,000 in cash and the title of a historic building in Lunenburg.
It also includes a storefront in Lunenburg and intellectual property rights held by the trust.
Nova Scotia's sailing ambassador is currently undergoing a $17-million restoration on the Lunenburg waterfront and is expected to sail next summer.
The original Bluenose was launched as a Grand Banks fishing and racing schooner on 26 March 1921 in Lunenburg, Nova Scotia. It was designed by William Roué and built by the Smith and Rhuland Shipyard.
According to Bluenose Nova Scotia, "Bluenose came to symbolize Nova Scotia's prominence in the fishing and shipbuilding industries. She represented Canada around the world. The majestic image of the Bluenose has adorned the Canadian dime since 1937 and three postage stamps, as well as the Nova Scotia license plate."
Bluenose struck a reef off Isle aux Vache, Haiti on 28 January 1946. In 1963, Bluenose II was launched. It was "built by many of the same people who had worked on the original vessel at the same shipyard in Lunenburg."
Check out our Bluenose II gallery below from Nova Scotia Tourism.