The sailing yacht, known only as Project 271, has its own "support yacht" with a helipad
Vanity Fair New Establishment Summit - Day 2
Jeff Bezos
| Credit: Michael Kovac/Getty Images for Vanity Fair

Jeff Bezos is eyeing a new ride: a massive, one-of-a kind superyacht!

The Amazon CEO, 57, reportedly plans to purchase a 417-foot long yacht that spans several decks and boasts three enormous masts, according to Bloomberg. It also has a "support yacht" with a helipad.

The vessel, known only as Project 271, reportedly costs roughly $500 million. Its maker is a Dutch manufacturer called Oceanco.

Per Bloomberg, the boat is set to move to a new shipyard for completion in June. Additional details about the yacht have not be reported.

Oceanco did not immediately respond to PEOPLE's request for comment.

Jeff Bezos
| Credit: Greg Doherty/Getty

Sam Tucker, head of superyacht research at London-based VesselsValue, told the outlet that the yacht industry has been booming as of late, likely due to the ongoing COVID-19 pandemic's impact on social gatherings.

"The market's been roaring," said Tucker. "It's impossible to get a slot in a new-build yard. They're totally booked."

Bezos is currently estimated to be worth $183.8 billion, making him the wealthiest person on Earth, according to Forbes. He was briefly surpassed by Tesla and SpaceX founder Elon Musk in January.

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Over the last year, the billionaire has focused on other efforts outside of Amazon, including his Bezos Earth Fund, which will provide billions of dollars to scientists and organizations who are working to save the planet from the effects of rising temperatures.

In February, Bezos announced that he was stepping down from his role as Amazon CEO and will transition to his new position as Executive Chair in the third quarter of 2021. He'll be replaced by Andy Jassy, the current CEO of Amazon Web Services.