The Delaware River & Bay Authority has sold a Cape May-Lewes Ferry that last ran in 2009 for $750,000.
The agency purchased the MV Cape May in 1985 for $14.5 million and remodeled it for $20 million in 1998.
DRBA spokesman Jim Salmon tells The Press of Atlantic City the vessel was appraised at $1.6 million last August.
Salmon says the sale price does not include at least $530,000 worth of equipment and parts that were salvaged to be used on the other four ferries. Salmon says that could increase to $1.65 million if the new owner doesn't want the propeller shafts and rudders.
Northstar owner Phil Risko said he plans to convert the vessel into an oceangoing barge that, among other things, can cater to the evolving offshore wind industry. The barge would not have motor power but would be towed to work sites, according to the paper.
"It will service the windmills to deliver parts and components. It's a huge platform, 320 feet long by 68 feet wide. There are no large barges like that anywhere in the region," Risko told The Press of Atlantic City.
The deal was concluded in May.