Everybody has gone wrong about old ship (7)

I believe the answer is:

galleon

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'ship' is the definition.
(type of ship)

I cannot understand how the remainder of the clue works.

(Other definitions for galleon that I've seen before include "All gone (anag.)" , "Large old sailing vessel" , "Ship of the line" , "Old Spanish war-ship" , "Historical warship with three or more masts" .)

I've seen this clue in The Irish Independent.

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