Michael Daly, 49, teamed up with a police killer to smuggle in £235million worth of the drug in an inflatable boat.
But the bungling smugglers recruited by Daly and murderer Perry Wharrie overloaded the vessel and filled the spare tank with diesel instead of petrol.
It capsized in a storm, spilling 62 bales of high-quality cocaine into the sea. Two gang members swam ashore and the other was hauled to safety by a helicopter.
Millionaire crook Daly is already serving eight years for an almost identical crime aimed at landing £4million worth of cocaine on a beach in Kent.
He turned to high-stakes crime after being dismissed from the Metropolitan Police for drink-driving.
Using his Scotland Yard experience, he built a drugs empire, investing the proceeds in property in Britain and Ireland. Investigators found £30,000 of his in a safety deposit box in London store Harrods.
Daly went into partnership with Wharrie, 50, jailed for life in 1989 for the murder of off-duty PC Frank Mason. He was released in 2005.
Blackfriars Crown Court in London yesterday heard how the gang had planned to get rich like “high-stakes gamblers at the Casino Royale”, sailing the drugs from the Caribbean to a rendezvous with the smugglers off the Irish coast.
The drugs left Barbados in May 2007 on a catamaran called Lucky Day but the transfer was sunk by bad luck, bad weather and bungling.
A joint investigation in Britain and Ireland has resulted in convictions for six of the gang.
Martin Wanden, the former detective’s brother Joe Daly and Wharrie were convicted in Ireland, while another member, Gerard Hagan, pleaded guilty.
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