A old wooden boat marooned at Caernarfon harbour will be scrapped after a failed bid to sell it for a bargain price of £1.
Harbour master Richard Jones with the Exact in the background
The harbour authorities had tried to sell the Exact - plus a £500 bonus for quick removal.
But despite "a lot of interest," no-one bought the boat, which was stranded after being abandoned by its owner.
Caernarfon Harbour Trust will now pay a company £2,500 to dismantle and dispose of the vessel.
"We've had a lot of interest in the boat, but after seeing her no-one took it any further," said harbour master Richard Jones.
"Following a meeting of the Harbour Trust this morning we have decided that we will pay a company to dismantle the boat, it will then be carried over the harbour on a kind of barge before being disposed of in various skips on the castle side.
"We are keen that the work is done in the next month because it is a quiet time of year and that it does not take too much time to achieve," Mr Jones added.
The battered 50ft (15.4m) boat was originally towed into Caernarfon after it became a danger to other vessels when it sank in Y Felinheli in March 2005.
It is believed the owner originally wanted to take it to Liverpool, where he planned to refurbish it.
Harbour authorities tried to get the owner to take control of the vessel, before deciding to get rid of it themselves, firstly by trying to sell it, and now by scrapping.
"This is a problem with old boats, it's not easy to get rid of them, it's not as easy as taking a car to a scrapyard," said Mr Jones.