PHILADELPHIA -- There's finally an agreement on what to do with the historic SS United States, which has been docked in South Philadelphia for nearly 30 years.
The settlement was the result of a court-ordered mediation between SS United States Conservancy and Penn Warehousing & Distribution.
A deal to buy the ship, which officials said could cost more than $10 million, was reached earlier this month with Okaloosa County, Florida.
READ MORE: Fla. county inks tentative deal to turn SSUS into world's largest artificial reef
The ship will be sunk and repurposed as the world's largest artificial reef. A museum and visitor center is also being planned for that area.
The vessel will soon depart for Norfolk to prepare for her next chapter underwater.
More announcements will follow in the weeks and months ahead.
Christened in 1952, the 1,000-foot ocean liner was once considered a beacon of American engineering, doubling as a military vessel that could carry thousands of troops. On its maiden voyage in 1952, it shattered the transatlantic speed record in both directions, when it reached an average speed of 36 knots, or just over 41 mph (66 kph), The Associated Press reported from aboard the ship.
WATCH: Action News archive: SS United States ordered to move away from Philadelphia's Walt Whitman Bridge
On that voyage, the ship crossed the Atlantic in three days, 10 hours and 40 minutes, besting the RMS Queen Mary's time by 10 hours. To this day, the SS United States holds the transatlantic speed record for an ocean liner.
It became a reserve ship in 1969 and later bounced to various private owners who hoped to redevelop it but eventually found their plans to be too expensive or poorly timed.
READ MORE: Conservancy, landlord headed to mediation amid ongoing rent dispute for historic SS United States
The massive ocean liner first appeared in Philadelphia in July 1996. For roughly two weeks, the 1,000-foot vessel was parked along the Delaware River, next to the Walt Whitman Bridge.
The size of the ship and its proximity to the important Philadelphia bridge made bridge officials nervous that it was too close - so they ordered that it be moved to a more fitting location.
Then, on July 25, 1996, a team of tugboats led the mission of nudging the behemoth into the middle of the Delaware River before towing it upstream and carefully under the Walt Whitman. That temporary spot turned into a nearly 30-year stay.
WATCH: Action News archive - SS United States towed under Philadelphia's Walt Whitman Bridge
The Associated Press contributed to this report.