Cherry Venture was wrecked due to a combination of severe storms and a lack of cargo. The unladen ship sat high in the water, which when combined with the high tides and strong swell propelled it to a point far enough up the sand that it could not be successfully re-floated, despite attempts that involved dredging the beach .
The wreck was subsequently purchased by Peter Vagellas an Australian entrepreneur who had intended to re-float to vessel and convert it into a luxury liner and floating casino to service the Great Barrier Reef. Eight salvage attempts over the next few years failed.
In late 2006 it was announced that the wreck would be demolished due to increasing dangers posed by the wreck, including exposed Asbestos in the engine room.