The boat will be removed from the harbour at the end of May by the Marine Recycling Corporation.
The boat has a colourful history, including its sinking in 1981 after it was struck by a Toronto ferry. It first filed for bankruptcy protection in 2002. John Letnik, who owned the old cruise ship turned floating restaurant, fell behind on rent and taxes in 2012, and it was shut down.
It was nearly sold last year but the buyer could not meet conditions. It was up for auction earlier this year.