AP
The $5.3 million "Maximus" lost power and came close to colliding with a rock wall, according to the Daily Telegraph. A flare was fired, the passengers put on life jackets, and the yacht was towed to a nearby marina.
Palmer was reportedly entertaining business associates onboard.
The 58-year-old billionaire unveiled images of the
According to Gold Coast News, Palmer has had trouble on the water before; he ran a similar-sized boat aground a few years ago.
Hopefully for potential Titanic II passengers, this marks the end of his bad luck.