For those bored with multimillion-dollar megayachts, with their ho-hum helipads and snooze-inducing jacuzzis, consider the 928-foot-long M7, designed by the Austrian company, Migaloo Private Submersible Yachts.

If you’re the helipad-on-a-sea-vessel type, the M7 not only has a place for your chopper to land, it has a swimming pool, VIP suites, multiple hangar bays, and a design inspired by the U.S. Navy’s Zumwalt-class destroyers. (Alas, its engines are diesel-electric, not nuclear-powered.)

And unlike a yacht, which is just going to sit there on top of the water, floating around like a $200 million chunk of burnished driftwood, the M7 can dive to 1,500 feet and cruise underwater at 20 knots. The real excitement, as Sebastian the Crab once sang, is “under the sea.”

Life may be better down where it’s wetter, but the M7 will cost you. There’s no precise price tag yet, says Christian Gumpold, chief executive officer of Migaloo. But the $2.3 billion figure mentioned in this report is close. “This would make it for sure to the most expensive private object worldwide,” Gumpold told us via email.

The M7 is not the only submarine available to those rich enough to afford one. For a couple of decades, companies such as Triton Submarines, DeepFlight Adventures, U-Boat Worx BV, and Seamagine Hydrospace Corp. have been producing and selling “submersibles.” These are smaller vehicles, capable of taking from two to eight passengers thousands of feet down to explore the ocean for hours at a time. OceanGate Inc., founded by the adventure-loving entrepreneur Stockton Rush, is planning to take passengers to the remains of the Titanic in 2018.

Submersibles can’t, however, regenerate their own power, and they rely on yachts or other vessels for long-distance transport and servicing. They’re pretty awesome, but they’re more James Cameron, less James Bond.

Full-on, luxurious, yacht-style submarines are a more recent development. Three companies—Migaloo, the Florida-based U.S. Submarines Inc., and Ocean Submarine in the Netherlands—produce sub designs that aspiring Bond villains dream of: capable of traveling 1,000 miles or more, luxuriously appointed, and the kind of underwater headquarters from which you can plot world domination, or maybe just host friends for a week of exploration.

As you might expect, private submarines are phenomenally expensive. U.S. Submarines’ Nomad 1000—which seats 10 to 24, has a range of 1,000 nautical miles, and can dive to 1,000 feet—begins at $6.5 million. Its top-of-the-line, 213-foot-long Phoenix 1000, which has more than 5,000 square feet of interior, is estimated to cost $90 million.

So while dozens of private submersibles are bobbing around the deep, there are currently no private luxury subs in existence. For all the renderings zipping around the Internet, subs such as the M7 and the Phoenix 1000 remain (mostly) theoretical.

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