Captain John’s floating restaurant in downtown Toronto has been sold to North American Seafood Exchange for $33,501 to turn it into scrap metal, a court decided Thursday.

North American said it is open to partnering with another company who’d want to restore it into a functioning restaurant again.

Captain John’s, which has been docked at the foot of Yonge Street since 1975, was forced to shut down operations on June 26, 2012. As of last Oct. 1, Letnik owed the city $648,947.61 in property taxes, including unpaid water and utility fees. He also owed Waterfront Toronto, $142,492 and the Toronto Port Authority, $224,301.06.

On Thursday, a second bid was submitted by Marine Recycling, which said it would remove the boat if someone was to pay it $303,756.

The boat was appraised at $600,000, minus the cost of chopping it up and moving it which would cost about $125,000.

The owner, “Captain” John Letnik, 75, said he is “disappointed [the] bid isn’t higher.”

There was no appraisal amount for turning the boat into another commercial venue.

A lawyer for the Toronto Port Authority said it wants to settle the sale and have the ship removed by Aug. 22.