Take a look at this sleek $3.7 million yacht that has 3 bedrooms and is perfect for Ibiza parties

• Yachting has long been a favorite pursuit of the rich and famous.
• Insider recently attended London Luxury Afloat, an event that showcases expensive yachts.

From top business leaders and royals, to sports stars and Hollywood celebrities, yachting has long been a favorite pastime of the rich and famous.

But the yachts have changed considerably since the days when Richard Burton and Elizabeth Taylor took to the seas, for example.

Whether it's Amazon founder Jeff Bezos' $500 million megayacht or Walmart heiress Nancy Walton Laurie's $300 million aquarium-equipped superyacht, the boats are bigger and flashier than ever.

Insider last month visited London Luxury Afloat at St Katharine Docks, a stone's throw from Tower Bridge and the Tower of London, to get a glimpse inside this affluent world.

Take a look inside one of the yachts that was on display.

The Princess Yacht S62 was less than a month old and had a price tag of £3 million ( about $3.7 million).

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The one-deck yacht had a sleek, minimalist design.

Sam Tabahriti/Insider

The main bedroom featured a lot of storage and a built-in sofa. The second bedroom felt spacious, and it had direct access to a bathroom, which was shared with a third bedroom.

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Every bedroom had a TV. The bathrooms were fairly simple but were spacious enough.

Sam Tabahriti/Insider

James Lane, a sales representative for Princess Yachts, told Insider that their typical customer had changed over the years.

Sam Tabahriti/Insider

Lane said more women were now interested in buying one of their luxury vessels.

Sam Tabahriti/Insider

Lane said the S62 is perfect for destinations such as the Spanish island of Ibiza, as guests could dip in and out during parties.

Sam Tabahriti/Insider