A famous Toronto landmark will remain on the city’s waterfront for at least another month.

Captain John’s Restaurant, a derelict converted ferry that has been permanently docked at the foot of Yonge Street and Queen’s Quay since 1975, had been given until today to remove its gang plank and all signage, however, Waterfront Toronto has now given the ship’s owner, John Letnick, another month to find a buyer and pay nearly $500,000 in back taxes and rent.

If Letnick is unable to do so, the gang plank will be removed and the ship could be seized.

The City of Toronto has already shut off water to the one-time luxury liner and ordered its restaurant closed.

“I would like to just sell it, pay my obligations and walk off with dignity,” Letnick, who lives aboard the ship, told CP24 Friday morning. “Don’t forget I am 73 years of age and I just had a hip replacement. It’s time for retirement.”

The ship does not have a functioning engine and is believed to be mired in mud, but could be restored to its former glory with a “facelift”, Letnick said.

Back in the 1970s and 1980s, Captain John’s was a premier destination for residents and tourists alike, with former Prime Minister Brian Mulroney and former mayor Mel Lastman among its patrons.

“Yes, she needs a facelift on the inside and the outside, but she is still in good condition,” Letnick said Friday.

Two offers on the table

Though a buyer has not yet been found for Captain John’s, realtor Tim Armstrong told CP24 that he has received two offers on the ship.

One of those offers, valued at $1.1 million, could see the restaurant continue to operate after significant renovations are done to the ship.

Under that deal, Letnick would stay on board for six to eight months as part of a transition period, Armstrong said.

“It’s bittersweet because he (Letnick) is a little bit sad that he has to pass on the torch or lose the boat all together, but at the end of the day he can retire with some dignity now and that’s really all I wanted,” Armstrong said.

Given the value of the waterfront property Captain John’s is docked adjacent to, it remains to be seen whether the city would be interested in leasing the slip at Yonge Street and Queen’s Quay to another floating restaurant.

“I haven’t heard anything else as far as plans for this area, but there is a lot of development and the city and the port authority have been very clear and I don’t think they are willing to wait a long time for a facelift,” Armstrong told CP24.

Letnick and Armstrong will meet with city officials next week.

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