LUNENBURG, N.S. - The assets of the Bluenose II have been transferred to the Nova Scotia government after years of wrangling.

Premier Darrell Dexter announced today that the assets were received by the province's Schooner Bluenose Foundation.

The provincial government and the Bluenose II Preservation Trust Society have been working to complete the deal since 2005 and reached an agreement in principle in December 2010.

The assets include more than $540,000 in cash and the title of a historic building in Lunenburg.

It also includes a storefront in Lunenburg and intellectual property rights held by the trust.

Nova Scotia's sailing ambassador is currently undergoing a $17-million restoration on the Lunenburg waterfront and is expected to sail next summer.