The first custom-built vessel for the Naval Service, the LE Deirdre, was sold for £200,000 at auction yesterday.
The vessel, which was commissioned in 1972, was sold to Mr John Thompson of the English yacht company, Sea Stream International, at an auction in Carrigaline, Co Cork.
The company plans to convert the vessel to a luxury yacht for charter work worldwide. It is expected that redevelopment work on the ship will be completed within 12 months.
The Deirdre is the first vessel to be sold by the Naval Service at private auction. The ship was sold in the presence of Cdr Liam Brett, who served as the ship's first captain.
His son, Lieut Martin Brett, was also in attendance having acted as the Deirdre's last commanding officer prior to decommissioning.
Cdr Liam Brett witnessed the building of the ship in Verolme dockyard in Cork and said he had fond memories of his time on board the vessel.
"I loved the Deirdre and I will always have an affinity towards her. The crew of the Deirdre were wonderful. We were like one big family," he said.
The Deirdre has a proud history, having been involved in the arrest of a ship containing a large consignment of arms and ammunition bound for the IRA. The Claudia was apprehended near Dungarvan Bay in November, 1973.
It contained 5,000 lb of explosives, 500 hand grenades and 100 cases of anti-personnel mines.
The Deirdre was also involved in various search and rescue attempts including the 1979 Fastnet yacht race, where storms struck competing craft. The Deirdre located and stood by 17 yachts in distress and gave direct assistance to six vessels. Fifteen lives were lost in the tragedy.
After 28 years in service, the vessel has clocked up nearly 500,000 miles and has played host to a number of important visitors including former Taoiseach Mr Jack Lynch.
Bidding for the vessel started at the ship's scrap value of £50,000. Bidders included the Dublin Port Authority which had planned to turn the ship into a maritime museum.
Meanwhile, a new Irish naval service ship, the LE Niamh, was launched at Appledore Shipbuilders Ltd, in Devon, England last February and is due to be delivered to Cork later this year.
The Niamh is estimated to cost close to £20 million and will be used for fishery protection duties.