The P.E.I. government is looking to unload a luxury yacht it owns in Miami, Fla.

'I just asked my officials, what happened here?' — Development Minister Richard Brown

Development Minister Richard Brown told the legislature on Wednesday that he discovered the yachtwhile flipping through his briefing notes shortly after taking his cabinet post.

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The yacht carries a price tag of $495,000.

"It was 'By the way minister, you own a yacht and it's down in Miami and it's for sale for $495,000.' And I just asked my officials, what happened here?" said Brown.

The sport fishing boat was repossessed by the Tory government two years ago.

The 38-foot Phoenix Hennessey includes a two-level guest state room with air conditioning as well as a complete kitchen with plenty of cabinet space.Brown said the Tory government took possession of the yacht after the Cornwall boat builder, Central Marine Fibreglass, went bust.

Brown said when all the expenses are added up— including the cost of shipping the vessel to Florida and some repairs— P.E.I. taxpayers are still on the hook for roughly $750,000.

Tory MLA Mike Currie, who was the minister at the time, denies that price tag.

"No, that's way out of line," he said.

"I think the remaining balance is probably 350 or 375 [thousand dollars]."

With a sale price of close to half a million dollars, Currie said taxpayers should actually make money on the deal.

Brown said he is trying to sell the yacht. If he can't find a buyer, he said he might donate it to the Canada Games committee as a fundraiser.