Australian mining magnate Clive Palmer’s $40M superyacht stranded off Singapore coast

The Australian billionaire’s boat appears to have become stuck in shallow water off the coast of Singapore.

Aussie billionaire Clive Palmer’s superyacht has run aground off the coast of Singapore. Picture: Today

A $40 million superyacht owned by Australian billionaire and mining magnate Clive Palmer has become stuck off the coast of Singapore.

The yacht is believed to have run aground in shallow waters one kilometre off the exclusive Sentosa Island on Monday afternoon.

Palmer purchased the 56-metre Benetti – which he named “Australia” – in 2021 and features a jacuzzi and VIP suite.

Clive Palmer’s extravagant yacht, Australia, appears to be sinking, or at least stranded, near the Sentosa Resort in Singapore.

Looks like he’s finally got his own Titanic. 😂#auspolpic.twitter.com/7LQN9n6WWo

— André Haermeyer 🇦🇺🇺🇦🇪🇺🇺🇦 (@AHaermeyer) October 16, 2023

The yacht departed the Singapore port at 4.25pm (local time) on Saturday and had logged a six-day journey to Port Moresby in Papua New Guinea, according to Marine Traffic data.

A local told the Sydney Morning Herald they thought mechanical failure was the likely cause of the problem.

Clive Palmer's superyacht, Australia, has run aground off the coast of Singapore. Picture: X

The yacht was beginning a six-day journey towards Port Moresby. Picture: Today

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

“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.”

It is not known who was on board at the time of the incident.

Palmer’s yacht problems

It is not the first time one of Palmer’s yachts have run into problems on the water.

His $5.3 million superyacht “Maximus” lost power and narrowly avoided smashing into a rock wall in 2013.

Mr Palmer was reportedly entertaining business associates at the time of the incident, with everyone on board forced to put on life jackets as the yacht was towed to a nearby marina.