The $465 (£360) million "Sailing Yacht A," the largest private sailing yacht in the world owned by Russian billionaire Andrey Melnichenko, was spotted sailing in the cristalline waters of Formentera, a tiny island off mainland Ibiza, on Thursday.

Just a ferry (or superyacht) ride away from the party island, glamorous Formentera is a celebrity and billionaire hotspot. Its white sands and turquoise waters resemble the Caribbean.

Ibizan press reported that the superyacht was seen off the coast of the mainland's popular beach resorts of Figueretes and Playa d’en Bossa earlier in the week.

The 142.8-metre vessel boasts 300 ft masts that are taller than Big Ben, and counts eight decks (connected by a series of lifts), a free-floating spiral staircase, huge swimming pool, and underwater observation pod among its stunning features. France's Philippe Starck is behind the design of the yacht.

Luxury concierge service Agent Ibiza (@agent_ibiza on Instagram) captured some epic shots of the vessel:

@agent_ibiza Instagram @agent_ibiza

@agent_ibiza Agent Ibiza

@agent_ibiza Agent Ibiza

It was last spotted in Gibraltar in May, where it was undergoing final tests a few days before it was due to be handed over to Melnichenko.

Instagram users have also been posting some amazing close up shots of the £360 million vessel, which you can see below:

Another closeup of Sailing Yacht A, near Formentera. Photo by @jboats11 #sailingyachta #sailing #yacht #formentera #nobiskrug #spain #summer #melnichenko A post shared by SuperYachtFan (@superyachtfan) on Jun 22, 2017 at 5:54am PDT Jun 22, 2017 at 5:54am PDT

Close up of the amazing Sailing Yacht A, near the island of Formentera. Photos by @jboats11 #formentera #sailingyacht #sailingyachta #spain #sailing #summer2017 #superyachtfan #superyacht A post shared by SuperYachtFan (@superyachtfan) on Jun 22, 2017 at 5:10am PDT Jun 22, 2017 at 5:10am PDT

Expensive balcony #SailingYachtA #formentera #mediterranean #sailing #ATPC A post shared by Blua (@blua.jg) on Jun 22, 2017 at 4:56am PDT Jun 22, 2017 at 4:56am PDT

The biggest sailing yacht in the world #yacht #sailingyacht #sailingyachta #drone #dji A post shared by Matthieu Simon (@matsimon38) on Jun 22, 2017 at 9:49am PDT Jun 22, 2017 at 9:49am PDT

Formentera is known for its white sand and turquoise waters — the perfect spot for a superyacht.