Long Beach, Calif. - The Queen Mary, once among the world's most prestigious ocean liners, is in deep waters with its current owners filing for bankruptcy.

The Queen's Seaport Development Inc. filed for Chapter 11 bankruptcy protection on March 22, just one day before a city deadline for back rent amounting to $3.4 million and dating back to 2000.

Queen Mary, launched in 1934 during the peak of ocean liner travel, once transported celebrities and politicians across the Atlantic. It was docked permanently in Long Beach Harbor 37 years ago. Since then, tourists stroll along the huge decks, dine out in the restaurants and even stay overnight in the staterooms.

The attraction is also shrouded by rumors of ghost sightings and unexplained paranormal activity, and offers ghost tours as a part of its package. However, the venture has struggled to become profitable, and proposals to spark interest in the historic ship, such as building a Disney amusement park close by, have never materialized.

As the outcome of the dispute draws nearer, Long Beach residents await with mixed sentiments the plans for the future of the "queen of the sea."