Mega-rich yacht owners look away now.

This is the horrifying moment a million-dollar vessel slips out of its harness and plunges upside down into the water below.

A video of the heartstopping incident begins with the expensive white vessel suspended in the air over the water by a large crane.

As it slowly inches away from the water onto a huge boat, the front of the yacht starts to ominously tilt forwards in its harness.

All of a sudden the cables snap and give way, and the yacht catapults forwards into the water, landing upside down.

As water rushes inside the yacht, it starts to sink.

It follows footage and photos that emerged last year showing a superyacht sinking off the coast of the idyllic Greek island of Mykonos.

Local reports said four foreigners were on board the superyacht ? believed to be the Aloha ? when it ran aground on a reef at dawn.

It's thought that the vessel had a market value of approximately ?4million ($6.2million),