U-534 lay on the sea bed for nearly 41 years until she was found in 1986 by the Danish wreck hunter Aage Jensen. Shortly after the leader of the owners group presented the idea to Danish media millionaire Karsten Ree who then sponsored the raising of the submarine amid rumours of Nazi gold and intense media coverage.
Hopes of gold treasure proved unfounded, as the ship contained nothing extraordinary. She was raised to the surface by Dutch salvage company Smit Tak on 23 August 1993.
Transported to Birkenhead, England, in 1996, the vessel formed part of the Warship Preservation Trust’s collection at Birkenhead Docks until the museum closed on 5 February 2006.
On 27 June 2007, the Mersey travel transit authority announced that it had acquired the submarine to display at the Woodside Ferry Terminal.