James Packer’s $200m ‘gigayacht’ hits the water

FB275 superyacht quietly launched by Benetti. Instagram

Billionaire James Packer might not have a $10 billion deal with Wynn Resorts for the sale of his Crown casino, but it looks like the reclusive businessman is one step closer to taking delivery of his newest play thing.

Margin Call understands that a much-delayed 108-metre mega yacht from Italian shipbuilder Bernetti that is expected to be delivered to Packer by the middle of this year has now hit the waters of Livorno on the west coast of Tuscany.

The superyacht quietly launched by Benetti. Supplied

The so-called gigayacht will now be tested before being handed over to Packer in June.

The massive yacht, which after a series of cost overruns and blowouts to the build schedule is expected to cost Packer $200 million compared with its $150m budget, will be named IJE — the first initials of the businessman’s children: Indigo, Jackson and Emmanuelle.

The vessel is the work of British design studio RWD, with designer Adrien Chisnell previously commenting that the yacht centred around “informality, family, quietness and privacy.”

The five-deck superyacht features a cinema, gym, sauna, large heated swimming pool and an observation deck with seating area. The bridge deck houses sun pads and a 1.5-metre fire pit and the owner’s deck has its own private dining and seating areas in addition to those found on the main deck.

Two 14-metre tenders are stowed on the foredeck and a custom 10-metre tender and up to eight jet skis are located in the yacht’s garage on the lower deck.

It is one of only three yachts longer than 100 metres built by Benetti, the other two hit the water in Italy last December and January.

One is believed to be owned by Kuwaiti billionaire businessman Kutayba Alghanim and the other is destined for a Russian owner.