Billionaire’s Yacht Has Fallen Off A Transport Ship And Is Missing.

The billionaire owner of a 130-foot yacht, named MY Song, is singing the blues after his vessel got lost at sea when it fell off a cargo ship.

The $38 million yacht was en-route  to Ibiza to take part in the Logo Piana Superyacht Regatta, which is running in Porto Cervo from June 3 to June 6, when it broke loose over the weekend. MY Song won last year.

The head of Peters & May, the company that handles MY Song’s transporting, said in a statement to the press: “Upon receipt of the news Peters & May instructed the captain of the MV Brattinsborg to attempt salvage whilst 3rd party salvors were appointed.”

“The vessel maintained visual contact with My Song until the air and sea search was initiated. As of 0900hr BST on 28th May 2019 the salvage attempts are still ongoing,” David Holley said.

The owner is Italian billionaire Pier Luigi Loro Piana, who is heir to a luxury clothing company. Forbes magazine puts his net worth at $1.6 billion.

“For anyone who loves the sea, his boat is like a second home, and it is as if my home has burnt down,” Piana, 67, told Italian newspaper La Repubblica.

 “However the primary assessment is that the yacht’s cradle (owned and provided by the yacht, warrantied by the yacht for sea transport and assembled by the yacht’s crew) collapsed during the voyage from Palma to Genoa and subsequently resulted in the loss of MY Song overboard. I will add that this is the initial assessment and is subject to confirmation in due course.”- David Holley CEO of Peters&May