The SS United States shuttled politicians and celebrities between Europe and the United States in regal luxury for nearly two decades and broke the trans-Atlantic speed record during its maiden voyage in July 1952.

Often called “America’s Flagship,” the SS United States fell on hard times and was retired from service in 1969, a victim of fast and increasingly affordable airline travel. It has been docked for nearly the past three decades at a pier in Philadelphia.

But the stately vessel may soon get a second lease on life — this time on the ocean’s floor as the world’s largest artificial reef.

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This SS United States Conservancy and the Okaloosa County Board of Commissioners in Florida this week approved a contingent contract to acquire the ocean liner and purposely sink it off the coast of Destin-Fort Walton Beach.

“We have worked for over a decade to see America’s Flagship repurposed, and we remain confident that she could succeed as a floating, mixed-use destination,” the SS United States Conservancy said in a statement after the deal was announced. “However, this plan to deploy the SS United States as the world’s largest artificial reef would save the ship from scrapping.”

The conservancy acquired the ex-ocean liner in 2011 and struggled to find it a new home on the water. Their efforts were ultimately unsuccessful and over the summer a federal court ordered that the SS United States be evicted from its Philadelphia pier.

Part of the deal with Okaloosa County would support the creation of a conservancy-run, land-based museum to provide visitors, residents and divers an opportunity to learn about the legacy of the SS United States, officials said.

“Our artificial reef system has shown impressive growth through the years and this accomplishment confirms our commitment to remain good stewards of the environment while also enhancing our community’s status as a premier diving and fishing destination,” Okaloosa

County Board Chairman Paul Mixon said in a statement.

The deal to acquire the SS United States from the conservancy could close in the coming weeks, contingent on the outcome of the court-imposed mediation. Florida officials said it could cost up to $10.1 million to acquire and transport the ship — along with the extensive clean-up efforts that will be needed before it can be submerged.

Susan Gibbs, the president of the SS United States Conservancy, has a unique connection to the historic ocean liner. It was designed by her grandfather, William Francis Gibbs. She said it inspired millions of people around the world as a tangible symbol of American pride and excellence.

“Converting the world’s fastest ship into the world’s largest artificial reef will write a new chapter for the SS United States as a world-class destination,” Ms. Gibbs said in a statement.

Florida officials estimated it would take more than a year to complete the necessary environmental remediation of the SS United States and at least six months to a year to arrange the vessel’s deployment to the bottom of the sea. The exact location of the ocean liner’s final resting space hasn’t been determined, but officials said it will deployed at a depth to provide ample opportunities for both novice and advanced divers.