the former island princess cruise ship now known as mv discovery at sea

(11:11 a.m. EDT) -- All Leisure Group has sold its 43-year-old, loss-making cruise ship MV Discovery for $5 million, half its market value of $9.9 million. Discovery had been sailing for Cruise & Maritime Voyages.

The niche cruise and tour operator specializing in the over-55's market sold the 20,186-ton, 650-passenger vessel to Liberty Resources of Nassau. The company had announced plans to dispose of MV Discovery at the end of the summer.

Although it has undergone several name changes since it was launched in 1971, as Island Princess the vessel was the sister ship of Pacific Princess, TV's "Love Boat," even standing in for Pacific Princess in some episodes. In 2013 All Leisure entered into a joint venture with Cruise & Maritime Voyages and, following an extensive refurbishment, MV Discovery entered service with CMV.

All Leisure Group is the holding company of All Leisure Holidays which owns cruise brands including Voyages of Discovery, Swan Hellenic and Hebridean Island Cruises.

--By Jeannine Williamson, Cruise Critic Contributor