Owning a mega yacht or large boat is typically a privilege reserved for the wealthiest among us. Most of us will never even get the chance to ride on one of these multi million dollar vessels, let alone own one. It's not all sunshine and rainbows though, as the upkeep on boats, in general, can be an expensive headache. There is an old adage that goes something like "owning a boat is just a hole in the water you through money into" if that gives you an inclination on what it is like to own one.

The giant luxury yacht sank off the coast of Italy earlier this month. The Italian Coast Guard rescued all 9 people on board. The accident, which is now under investigation, happened approximately nine miles off the coast of Catanzaro Marina in southern Italy. and the Italian Coast Guard is looking to determine the cause of the incident.