It appears to be final days for Captain John’s floating restaurant at last.

Ports Toronto has agreed to a plan for having the unsightly waterfront landmark towed from its slip at the foot of Yonge St. by May 25 and is just “finalizing the plan to finance the proposal,” according to a spokesperson for the waterfront authority.

It now appears certain, although Ports Toronto would not confirm this, that a “breaker” will be paid to tow the 300-foot Jadran away so it can be scrapped and recycled into usable metal.

That process could cost Ports Toronto close to $500,000, given the complexity of the tow, likely through the Welland Canal, and the sorry state of the ship: A move would require two tugs, because the Jadran hasn’t had a working engine for years. Also, the ship needs to be stabilized and sealed to ensure any contaminants like lead and asbestos don’t escape into the environment.

The ship is now worth about $200,000 less now than it was during the original auction last summer, when it was purchased by entrepreneur James Sbrolla for $33,501, just because of slumping metal prices globally, marine experts say. That makes it less lucrative for a scrapper and, therefore, ups the price of towing it away, which veteran scrapper Wayne Elliott estimated at about $300,000 last summer.

He was the second bidder for the ship and is believed to be the winner this time around, although he was awaiting word from Ports Authority when contacted this week.

The complex case was supposed to be back before a Federal Court judge April 28 for approval of a plan to get rid of the troubled ship, on which owner “Captain” John Letnik owes well over $1 million in mortgage, property taxes, berthing and other fees that have been accumulating for years.

The court hearing has been rescheduled for May 11, the original deadline set by Ports Toronto for having the ship removed.

“We have now selected a proposal that meets all the requirements and we are certainly proceeding,” said Erin Mikaluk, the senior manager of communications for the port authority.

Sbrolla said he’s submitted another bid for the ship, in partnership with Priestly Demolition, undeterred by the fact his original offer fell apart when he failed to find a new berth for the ship, well away from Toronto’s waterfront, where it could be refurbished or scrapped.

There’s been considerable pressure to get the ship removed, after years of little progress, given that rust is now visibly eating away at its hull and another major condo tower, surrounded by a waterfront promenade and public park, is slated for the area immediately east of the ship.

Choppy seas

1975: Yugoslav immigrant “Captain” John Letnik buys cruise ship the Jadran for $1 million and has it sailed from his homeland to the foot of Yonge St.

1988: Letnik announces $5 million plan to turn the Jadran into a hotel and restaurant. Plan never goes anywhere.

2002: Letnik files for bankruptcy protection, owing over $5 million. Agreement with creditors keeps it afloat.

2009: Letnik puts Jadran up for sale for $1.5 million.

2012: Water is shut off and lease rescinded over $500,000 in unpaid taxes and fees. Letnik also owes more than $650,000 on the mortgage.

2013: Officials seize the ship to sell at auction for unpaid fees.

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August 2014: Entrepreneur James Sbrolla’s $33,501 bid wins the ship.

August 2014: Port authority objects to demolition plan. Sbrolla’s money is returned.

March 17, 2014: Court agrees to a second auction with May 11 deadline to have the ship removed.