It was damaged off Cove Island, then towed to Big Tub Harbour in the Georgian Bay of Lake Huron, where it sank in September 1885.

The remains of Sweepstakes lie in Big Tub Harbour, in the Fathom Five National Marine Park, in Tobermory, Ontario.

[5] Damaged off Cove Island in August 1885, Sweepstakes was then towed to the head of Big Tub Harbour, in the Fathom Five National Marine Park, in Tobermory, Ontario, by the tugboat Jessie.

Although Sweepstakes deteriorates a little more each year, it is said to be one of the best preserved 19th century Great Lakes schooners that has been found and is considered one of the most popular shipwrecks in the Fathom Five National Marine Park.

[7] Contrary to previous advisories when entering the shipwreck, this must be done with caution; entry of the schooner is no longer accessible to divers.