First reported in Italy's La Repubblica newspaper, the boat was purchased by Turkish demolition company Cemsan for $3.3 million after sitting unused in a dock in Genoa, Italy, for over a year.
Now, the ship will be taken apart and sold for scrap metal, notes Fox News.
Built in 1971 for Flagship Cruises as the Sea Venture, the vessel was renamed Pacific Princess in 1975 after joining the Princess fleet, according to Maritime Matters.
The Examiner explains how the show, which featured the romantic and comic tales of the passengers and crew of the ship, impacted the travel industry and even sparked an interest in holiday cruises among the American public.
Feeling sentimental about 'The Love Boat'? Check out the show's opening credits from 1982 featured in the YouTube video below: