London, England (CNN) -- Barely out of a global economic meltdown, the world's remaining billionaires have been presented with the largest and most extravagant superyacht yet.

The floating palace has been designed at a whopping 656 feet (200 meters) in length -- as long as two football fields end-to-end.

If built, it would surpass the world's current largest private yacht, Russian billionaire Roman Abramovich's "Eclipse," by 99 feet (30 meters).

With a myriad of over-the-top luxury toys -- including a two-level cinema, a nightclub and helipad -- the yacht unsurprisingly comes with a hefty price tag.

Berkeley March, the yacht's naval architect, told CNN the boat could cost up to $1 billion (£650 million) to build, "depending on the needs of the clients."

"For example, the client could request gold furniture," March explained.

The designers believe that despite the recession, there are still enough people who have a spare $1 billion to spend on what is described as the "ultimate luxury."

"Some people may say the timing was a little bit daft," March said. "But I think that many people who previously would not have had the power to buy such a yacht, are thinking that now is their chance. The people left with a lot of money have more power now, as there is less demand."

According to March, the yacht, now known only as "Project 1000," could be in the water in under five years.

Replete with features that would make even the most blasé billionaire take notice, it will also include a drive-in-garage, a 100-foot swimming pool, a casino, a health spa and numerous bars and nightclubs.

According to March, the recession did not change rich people's beliefs that "size matters."

"When you are used to living in a palace with dozens of servants, you don't want to cruise the oceans on a small yacht," he said.

And at the end of the day, added March, "recession or not, it's still all about men's egos."