The ship went down in 460 feet (140 m) of water at 46°47′N 85°36′W / 46.79°N 85.60°W / 46.79; -85.60, about 8 miles (7 nm; 13 km) north of Deer Park in Luce County, Michigan.

On only her second voyage, Cyprus was hauling iron ore from Superior, Wisconsin to Buffalo, New York when a moderate gale arose off Deer Park.

According to Second Mate Charles G. Pitz — the sole survivor — Cyprus had been pounded by northwesterly waves all afternoon which caused an increasing list to port.

Speculation on the source of the leak has centered on the type of Mulholland sliding hatch cover the nearly new ship had been outfitted with.

Some alternate theories propose that the engine or rudder failed, leaving Cyprus without the maneuverability needed to avoid wave troughs where ships are most vulnerable to rolling, or propose that labor unrest in Lorain during Cyprus’ construction may have contributed to other, as yet undiscovered flaws.

Wreckage consisting of wall panelings, doors, railings, pipes, and her cargo of iron ore are scattered about the bottom up to 270 feet away from the wreck.

The Shipwreck Society has plans to return to the wreck in the future for forensic research in order to answer some of the lingering questions relating to the sinking of Cyprus.