In 1931, the schooner was purchased by Olaf C. Olsen and turned into an unrigged fishing barge operating off the Santa Monica Pier. After a severe storm in September 1939, the Minnie A. Caine was grounded in Santa Monica Bay. Three months later, her wreckage became a threat to a California highway and had to be incinerated. A cabin clock from the Minnie A. Caine is preserved on the in the San Francisco Maritime National Historical Park.
