The ill-fated replica of Korea's 16th century turtle-shaped warship, which cost 1.6 billion won ($1.2 million) to build, is being disposed of after several failed attempts to find a buyer.

The process of dismantling the warship replica kicked off Tuesday and is scheduled to be completed on July 23, according to reports Wednesday. The wooden parts are to be burned, while the steel frame will be sold to a local junk shop.

Some 60 percent of the 120-ton vessel was dismantled as of Tuesday.

The city of Geoje, South Gyeongsang Province -- where the warship replica was on display for over a decade -- decided on its disposal, after several failed attempts to auction it off.

In May, an anonymous bidder proposed to buy it for 1.5 million won, less than 0.1 percent of the money spent for its creation, in the eighth and latest round of bidding.

But the potential buyer withdrew the bid, after failing to relocate the replica, which weighs 120 tons and measures 25.6 meters in length, 6.87 meters in width and 6.06 meters in height.

Built in 2010, the wooden vessel had never been sailed or utilized in any capacity, while the project has been plagued by controversies surrounding the use of unauthentic materials and flawed designs leading to leaks. The Geoje City Government had originally planned to use the ship as a tour boat.

The contract between Geoje and the ship’s manufacturer required the warship to be made of Korean wood to add to its authenticity and historical significance, but a year after its completion, police discovered that mostly imported wood had been used. The CEO of the manufacturer was later indicted on charges of fraud.

The original turtle warships, designed by Adm. Yi Sun-sin, were employed during the 1592-98 Imjin War and played a significant role in defending Japan’s naval forces.

It was left standing on land in front of Geoje Shipbuilding Marine Cultural Center for several years.