Amazing footage has emerged this week showing an Italian superyacht sinking off the popular tourist island of Mykonos.

The vessel, thought to be a 106ft Custom Line Navetta 33, was filmed with just the bow poking out of the crystal clear waters.

Local broadcaster Mykonos Live TV reports that the vessel belongs to a Turkish businessman who was visiting the area.

The superyacht in question is most likely MY Aloha, a 2009 model that was built in Italy and is not currently available for private charter.

All four people who were on board when the superyacht started to sink at around 0500 local time made it shore safely, the report adds.

The sinking is believed to have been caused by a collision with a submerged reef, although local authorities have launched an official investigation to determine the exact circumstances.

In the meantime, let’s just hope that the superyacht’s owner has a bulletproof insurance policy.