The ship had been seized in 2023 by the Gardaí, Army, Naval Service and the Revenue Commissioners as part of a joint operation.
The operation found over 2.2 tonnes of cocaine onboard which was estimated to have a value of €157m. This is the largest amount of cocaine that has ever been seized in Ireland.
Last year the 8 crew members associated with the ship were convicted and received prison sentences ranging from 13 to 20 years.
The ship had to be kept as evidence while the court proceedings were underway.
The ship was berthed in the Port of Cork. To berth it alone cost €4m with mantainence and other costs raising the total price to €17m in total.
An international shipping company agreed to tow the ship to Bulgaria as a dead-ship tow. The company paid Revenue $1 to acquire the ship.
Revenue have said that the funds allocated to the MV Matthew were necessary for the safe maintenance of the ship.
