The Belfast and Moosehead Lake Railroad has ceased operations and is looking to sell its assets.
The railroad had cars and equipment for sale on the internet for the past week.
After a meeting with Maine Department of Transportation officials on Tuesday, the society decided to call it quits.
The society took over the railroad in 2005.
Society President Bob Lamontagne says there has always been great sentimental interest in the railroad, but not enough financial support.