Luxury yacht sinks after cable snaps

A big-spender will be hoping they remembered to fill out an insurance form after a crane winching a luxury yacht snapped, sending the boat plunging into the water.

The yacht was being moved after running aground off the coast of the Greek island of Mykonos in August last year.

As it is precariously hung by two pulleys, the yacht starts to tilt forward before the pulley snaps completely.

The yacht crashes into the water and is soon belly up, and starts to slowly sink.

It is thought to have been valued at more than $6 million.

The footage, filmed last year, has recently started re-trending on social media.