The 20-metre Baglietto yacht Cujo has sunk around 35 kilometres off the coast of Beaulieu-sur-Mer, France.
According to a press release issued by the Gendarmerie des Alpes-Maritimes, the Antibes Nautibes Nautical Brigade responded to a distress call received at 12.30 local time on 29 July.
The rescue boat arrived on the scene 45 minutes later to find the yacht's bow partially submerged with "cabins of the yacht already flooded". All seven passengers were already safely evacuated on a life raft.
First responders were able to retrieve several items from the yacht, but Cujo ultimately sank to a depth of around 762 metres with approximately 7,000 litres of fuel on board.
The cause of the accident remains unknown, but sources speaking to BOAT International said that the yacht "hit something floating at the [centre] of the hull and she started [taking on] water".
The motor yacht was originally launched in 1972 and was famous for hosting Dodi Al-Fayed and Princess Diana on the Italian Riviera shortly before their deaths. Later, the yacht was briefly owned by the family of arms dealer Adnan Khashoggi.
Her original owner was Austrian entrepreneur John von Neumann, who was at the helm of introducing the Porsche brand to the States. He specified that Cujo had to be record-breakingly fast, which was achieved with two diesel turbo engines delivering a top speed of 40 knots.