All Leisure group, the UK based niche cruise and tour operator, says it has sold the 1971 built Discovery of 20,636 gross tons to Liberty Resources Inc. of Nassau in the Bahamas for $5 million.

On 13 February 2014, the company said that it had written down the value of Discovery to approximately £9.9m including spares and planned to dispose of it at the end of the summer. “Although the consideration received is less than the current book value of the vessel, the Board's decision to sell mv Discovery to Liberty also took into account the absence of the future liabilities and other uncertainties associated with many other bids,” it said in a statement.

“The losses attributable to mv Discovery for the year ended 31 October 2013 were in excess of £3 million. Several higher indicative offers were made but had weaker cash flow profiles given the prospect of staged payments over several years. Furthermore, during these extended payment periods, the Group would have remained responsible for warranting the vessel and the forthcoming winter lay-up costs of the vessel, together with the costs of meeting the requirements of the dry docking regime,” All Leisure said.

Discovery was built in Germany in 1971 as Island Venture for Flagship Cruises and three years later it and its sister ship Sea Venture were bought by Princess Cruises that renamed them Island Princess and Pacific Princess, respectively. The last-named vessel became well known in the 1980s as stage for Love Boat, the US television series.

Discovery was last operated by Cruise & Maritime Voyages, the UK based destinational operator, for about eight months each year. Its place will be taken by the 16,844 gross ton Azores of Portuscale Cruises from January 2015.