Preserving the aging ocean liner for the next 25 years could cost $175 million, but sinking or dismantling it could cost even more.
The aging Queen Mary could cost the city of Long Beach up to $175 million to preserve and maintain over the next 25 years but it could cost even more — up to $190 million — to recycle for scrap or sink into the ocean.
The council took no action at the study session to discuss the future of the 87-year-old vessel but most of the council members spoke in favor of preserving the ship as it is — a floating hotel and tourist attraction — or turning it into a historical monument under the control of a federal agency. Most of the costs to retire or sink the ship would come from dismantling and transporting it to a scrap facility or a location in the ocean where it would become an artificial reef, according to a city report.
The company that held the lease to operate the ship for the last 11 years, Eagle Hospitality Trust, filed for bankruptcy protection in January and agreed to surrender its lease agreement. Long Beach, which owns the ship and the property around it, said Eagle Hospitality has been in default of several provisions of the lease, including failure to maintain the aging ship.
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