In July 1819 the Commissioners of the Royal Navy put her up for sale at Plymouth. Joshua Holmes, a ship breaker in Portsmouth, purchased her for £500; he dismantled the ship and sold her timbers for £3,450. Eventually her timbers became part of the mill. Timbers from the Chesapeake were bought by John Prior who was preparing to build a new mill at Wickham. The five main spine beams to each floor, the floor joists, the roof timbers and most of the window lintels are of American longleaf pine from the ship.
The mill remained in operation until 1976 and now serves as a retail centre for antique and gift sellers. It is a Grade II* listed building.
In 1996 a timber fragment from the Chesapeake Mill was returned to the United States; it is on display at the Hampton Roads Naval Museum in Norfolk, Virginia.