After years of floating in a state of limbo at the foot of Yonge Street, Toronto's Captain John's Restaurant may finally be embarking on its last voyage.

While the Aug. 22 deadline to remove the ship has come and gone, James Sbrolla, the winning bidder of the 91-metre vessel, says he has hatched a plan with new partners to send parts of the boat to a scrapyard.

"We tried every way possible (to save the ship) – different locations, different potential partners and ultimately, we came to the conclusion that it belongs in the scrapyard," the entrepreneur told CTV Toronto.

Sbrolla will be working with Priestly Demolition to help with the move and the stripping of the ship, which he said will be done in two steps.

"The intention is to move (the ship) within the Toronto Port and to start the environmental work at another location where Priestly’s already working," he said. "We’ll start the work there and it will be done in two stages."

But not everything on the ship will be heading to the junkyard. Parts of the it will be salvaged thanks to a partnership with the Toronto Brigantine Inc., a non-profit group that works with young sailors.

Sbrolla said he hopes to save some of the defunct floating seafood eatery's more historical parts, such as the vessel's teak floors.

The plan still has to be rubber stamped by the court, but the ship will likely be removed by next week, CTV Toronto's Heather Wright reports.

Earlier this month, the authority was considering a new bidder for the landmark ship. Sbrolla had missed the Aug. 7 deadline to make a final payment of approximately $30,000 to the City of Toronto for the boat. It was paid for in full on Friday.

Shut down in 2012, Captain John's was subject to a court-ordered auction in late July. Its former owner, John Letnik, owed the city thousands in back taxes.

Letnick, who has been living on the docked boat for the past four decades, says he will be sad to see his home demolished.

"After 40 years, I’ve been treated like dirt in a harbour," he said. "It's very sad. That was my life, my hobby and that’s business. I miss my kitchen."

With a report from CTV Toronto's Heather Wright