BOSTON -- If you’re in the market for a 700-passenger ocean ferry, the Governors Island Corporation has a deal for you.

The New York state company, which operates ferry boats between Manhattan and Governor’s Island, thought it was getting a steal when it purchased a Martha’s Vineyard shuttle boat for $500,000 last year, according to the Cape Cod Times.

The price of scrap metal was high, and the company figured it could scrap the ship if necessary repairs were too costly. But an extensive survey found that the ship would need millions in upgrades, and the market price of steel sank 70 percent.

Surveyors estimated that one-third of the hull and nearly all of the main deck and boat deck would need to be replaced. The bill would run to at least $6 million, said Jon Meyers, director of real estate for the Governors Island corporation, the paper reports.

So the company decided to do the next best thing: it’s selling the hulking ship on eBay, with a minimum bid requirement of $10. On Saturday, 55 people had placed bids for the ship, with the highest offering at $23,112.

“You must take entire vessel and all its belongings,” reads the description for an item labeled “STEEL PASSENGER/VEHICLE FERRY”.

"At this point, we're being prudent with public resources in not making further investment with this vessel," Meyers told the Cape Cod Times.

He said that the state organization has no ill will toward the Martha’s Vineyard and Nantucket Steamship authority, and acknowledged that the purchase was “buyer beware,” the paper reports.

Meyers said they would be looking for another ship to make the 8-minute trip back and forth to the island.