The billionaire owner of a 130-foot yacht, named MY Song, is singing the blues after his vessel got lost at sea when it fell off a cargo ship.

The $38 million superyacht, which was on the last leg of a journey that began in the Caribbean, was not secured correctly by the crew, according to the company that transported her, when it fell overboard last Saturday.

The owner is Italian billionaire Pier Luigi Loro Piana, who is heir to a luxury clothing company. Forbes magazine puts his net worth at $1.6 billion.

"For anyone who loves the sea, his boat is like a second home, and it is as if my home has burnt down," Piana, 67, told Italian newspaper La Repubblica.

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MY Song, which was built in 2016, was being transported to Ibiza to take part in the Logo Piana Superyacht Regatta, which is running in Porto Cervo from June 3 to June 6, when it broke loose over the weekend. MY Song won last year.

The yacht has since been located, with salvagers now working to prepare her for tow.

The head of Peters & May, the company that handles MY Song’s transporting, said in a statement to the press: “Upon receipt of the news Peters & May instructed the captain of the MV Brattinsborg to attempt salvage whilst 3rd party salvors were appointed."

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“The vessel maintained visual contact with My Song until the air and sea search was initiated. As of 0900hr BST on 28th May 2019 the salvage attempts are still ongoing,” David Holley said.

“A full investigation into the cause of the incident has been launched,” he continued. “However the primary assessment is that the yacht’s cradle (owned and provided by the yacht, warrantied by the yacht for sea transport and assembled by the yacht’s crew) collapsed during the voyage from Palma to Genoa and subsequently resulted in the loss of MY Song overboard. I will add that this is the initial assessment and is subject to confirmation in due course.”

On social media, yachting organizations and publications lamented the misfortune that befell MY Song, a star in the regatta and luxury yacht worlds. Its past honors include Best Yacht at the World Superyacht Awards.

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GCaptain.com noted that besides being an award-winning performer in competitions, MY Song was a jewel in luxuriating circles: “The interior accommodation is for six to eight guests including the owner, the focal point being a spectacular deck saloon with hull and superstructure ports, plus skylights providing panoramic outboard views.”