The Delphin was reportedly sold for scrap at a recent auction.
The 1975-built vessel had been laid up at the Victor Lenak Shipyard in Rijeka, Croatia for several years.
According to a report by local media, the cruise ship was sold to settle debts of its former owners, who failed to pay for electricity, water and other costs.
Following an invitation from the Rijeka Commercial Court, seven companies showed interest in participating of the ship’s auction, the report said, with five being allowed to proceed and bid on the ship.
The winning bid was placed by a Turkish Recycling Shipyard, who offered 3,6 million euro for the 470-passenger vessel, the report added.
The company now has 30 days to pay the purchase price. The vessel is then expected to sail to Turkey, where it will be dismantled.
Built as a Soviet cruise-ferry, the Delphin last served as an accommodation ship.
Between 2015 and 2017, the vessel was used as a floating hotel for workers and crew members at the Rijeka shipyard.
Later, it was reportedly chosen as the first vessel of the now-defuncted startup Alteza Cruises.
The Argentina-based company planned to operate the Delphin under charter on a year-round program in South America starting in 2018.
The operation never took place and the 16,214-ton ship remained docked in Croatia ever since.
The Delphin was previously operated in the German market, sailing for different brands such as Hansa and Passat.