Clive Palmer's $40 million super yacht has run aground in Singapore

Clive Palmer’s $40 million (£20.75m) yacht has run aground just off the coast in Singapore.

The luxury vessel, named Australia, became stuck yesterday (October 16) afternoon near Sentosa Island after it collided with a reef during low tide and now appears to be sinking.

A great plot for Titanic 2.

9News

The Australian billionaire purchased the super yacht in 2021 and it features bars, sundecks, a jacuzzi and a VIP suite.

What, no cinema?

A local told the Sydney Morning Herald he likely thought it was a mechanical problem.

“It’s very difficult to make this kind of mistake, so maybe they had some problem with the motor,” they told the outlet.

“This is just at the exit of the marina, and it is absolutely very clear that you can’t put the boat between those two buoys. You can’t do that. Even if you are a jet skier like me, you know that.”

Similarly, footage emerged last year of a 40m (130ft) superyacht sinking off the coast of southern Italy.

The boat named 'My Saga’ was crossing the Gulf of Squillace when disaster hit midway through its journey from Gallipoli to Milazzo, on the island of Sicily.

My saga indeed...

The Italian Coast Guard confirmed the yacht began to sink nine miles offshore, with footage showing the boat rapidly dropping into the ocean at a 45-degree angle as waves crashed around it.

Within seconds, the yacht was seen tilting before sinking at an alarming rate and completely devoured by the ocean.

Terrifying stuff.

Tweeting a video of the sinking ship on Twitter, Guardia Costiera said in a statement: “In recent days, the Guardia Costiera of Crotone coordinated the rescue operations of passengers and crew of a 40m yacht, which sank 9 miles offshore of Catanzaro Marina.

“Administrative investigation launched to identify the causes.”

The video had many stunned, as one person wrote: “It was going pretty fast while still sinking.”

Another said: “Another billionaires tax write-off…”

A third commented: “Somehow, I do get chills when ships, boats or yachts go sinking.”

While another shared: “It will become a nice small reef for marine life and depending how deep it is..maybe a good dive spot in the future.”