Weymouth's Jurassic Skyline tower is to be removed after being permanently closed.
Operators have blamed a decrease in visitors to the attraction, which opened in 2012.
They said it was an "enormously tough decision" to close it and take it away from Weymouth.
The ride has been sold to another operator and will be removed in due course. It is understood it will leave the UK.
The attraction is owned by Merlin Entertainments, which is set to be taken over in a multi-billion pound deal, subject to shareholder approval in September. The company also owns the Weymouth Sea Life Centre.
In June, the Echo reported how the 53-metre tower failed to reopen for the summer season this year after being closed for the winter.
There was no sign the glass viewing gondola would be heading skywards this season.
Merlin Entertainments declined to comment at the time on whether there were plans for the tower to reopen, or why it had failed to get off the ground.
A statement from Jurassic Skyline this morning, Friday, said: "Jurassic Skyline opened in 2012 as a temporary attraction offering unique views of Weymouth, Portland and the Jurassic Coast. Since then the attraction has welcomed almost 750,000 visitors.
"However, over recent years visitor volume has declined and having thoroughly reviewed all the options on the financial viability of the Jurassic Skyline, we have reached the difficult decision not to extend the life span of this attraction.
"As a result Jurassic Skyline is now permanently closed. This was an enormously tough decision which has been reached with a heavy heart and with the utmost consideration. The ride has been sold to another operator and will be removed in due course.
"We will be working closely with Dorset Council to manage the removal of Jurassic Skyline and reinstatement of the land at the Peninsula in the coming months.
"The permanent team that previously worked at Jurassic Skyline are already working in other roles within Weymouth Sea Life Adventure Park. We are reviewing the impact that closing the attraction has on these roles and for anyone affected the local management team, with the assistance of our HR department, will work with each individual staff member on their future careers, whether it be in appropriate posts elsewhere within Merlin or outside of the business. We expect the impact to be minimal.
"We’d like to say a huge thank you to all our staff who have shown amazing commitment and team work over the years. We also want to thank all our wonderful guests for their support."
At a council meeting on Wednesday of this week, councillors heard the future of the tower was uncertain.
Cllr Christine James said she had recently met with a council officer about the future of the tower.
“A lot of things are commercially sensitive but strongly worded questions are being asked about its operation and lease…I will keep on pressing until we get some answers,” she told town councillors.
The tower used to open all-year round but then in 2016 it started closing for the winter months, reopening for the season in April. The move came following a business decision which reflected the 'changing tourism landscape'.
It was hit by controversy in September 2017 when a mechanical fault caused 14 people, including an 11-month-old baby, to be stuck in mid-air. They had to be rescued by the coastguard helicopter.
Following investigations by Merlin and the Health and Safety Executive (HSE), safety procedures for the Jurassic Skyline were revised and it reopened to the public.
In December 2017 Weymouth and Portland Borough Council’s planning committee voted unanimously to extend the licence for Jurassic Skyline by five years, until November 2022.
President of the Weymouth and Portland Chamber of Commerce Craig Oakes said: “It looks like a lot of visitors have been to the attraction and it has run its course.
“Hopefully the tower moving on will open doors for something new in line with the regeneration and investment that is currently happening in this area.”
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