Washington (CNN) Wreckage from the USS Lexington -- a US aircraft carrier sunk by the Japanese during World War II -- has been discovered 500 miles off the Australian coast by a team of explorers led by billionaire Paul Allen, the Microsoft co-founder announced on Monday.

One of the first US aircraft carriers ever built, the vessel dubbed "Lady Lex" was located at the bottom of the Coral Sea -- nearly two miles below the surface -- by the expedition crew of Research Vessel Petrel on Sunday, Allen said.

The Lexington was lost in May 1942 along with 216 of its crew and 35 aircraft during what is considered the first carrier battle in history -- the Battle of the Coral Sea.

Underwater images of the wreckage are courtesy of Paul G Allen

"To pay tribute to the USS Lexington and the brave men that served on her is an honor," Allen said in a statement. "As Americans, all of us owe a debt of gratitude to everyone who served and who continue to serve our country for their courage, persistence and sacrifice."

Along with the USS Yorktown, the Lexington and its fleet faced off against three Japanese aircraft carriers and is credited with helping to stop Japan's advances on New Guinea and Australia.

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