(NewsNation) — The wreckage of a "ghost ship" that sank 140 years ago has been discovered, searchers say.

The Wisconsin Historical Society and the Wisconsin Underwater Archaeology Association confirmed the wreck of the F.J. King was uncovered in Lake Michigan back in late June.

The F.J. King, a three-master cargo schooner, was carrying iron ore from Michigan to Chicago back in September 1886 when a gale tore into the ship. Waves up to 10 feet ruptured the ship's seams, eventually leading the ship to sink around 2 a.m.

“A few of us had to pinch each other,” said Brandon Baillod, a researcher. “After all the previous searches, we couldn’t believe we had actually found it, and so quickly.”

Since the 1970s, searchers have tried to locate the F.J. King, but conflicting accounts of its where

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