Nearly £7m of taxpayer's money has been written off after plans to build an art gallery in the sea off Margate were abandoned.
David Chipperfield's new design will be put on public display
The write-off for the Turner Contemporary was revealed in a written answer to Kent County Council (KCC) opposition councillor, Clive Hart.
"What we could have done with that £7m just breaks my heart," he said.
But KCC cabinet member Mike Hill said £4.3m had been carried forward to a new project to build the gallery on land.
"Auditors have agreed that £4.3m can be considered as a contribution to the project," he said.
Plans to build the Turner Contemporary off the coast were scrapped in February after estimated costs rose to nearly £50m.
Architect David Chipperfield was appointed in July after KCC promised the new scheme would not cost more than £15m.
"David Chipperfield came down to Margate a few weeks ago to show us his work and it was very well received by a large number of people," said Mr Hill.
He said the building would be completed by 2009 and opened in 2010.
"I am bitterly disappointed that we had to pull the plug on Turner Contemporary mark one but we have been talking about it for eight months and I would rather move on," he said.
Mr Hart said he was "100% behind" the project .
"But I am absolutely appalled at the waste of money." he said.