Right now, the £5million superyacht Pesa bursts into flames and SINKS in Spanish port after firefighters struggled to save an 88ft vessel

This is the moment a £5million superyacht burst into flames in a Spanish port and sank.

Dramatic footage shows smoke from the 88-foot Pesa docked in the northern marina in the port of Valencia, Spain.

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Six fire crews fought for 12 hours to save the Sanlorenzo SX88 luxury boat, but to no avail.

Stunned spectators watched from the harbor and from their own ships before arriving as huge flames and smoke billowed from the deck.

The fire was extinguished, but then reignited again.

The cause of the fire in the port at 1 p.m. on Saturday is still under investigation.

According to local reports, the ship had 9,300 liter fuel tanks on board at the time, which were unaffected.

No other yachts or people were injured during the fire.

Officials reportedly believe the fire may have been started by a failure of the ship’s lithium batteries.

The owner of the boat is unknown.

The ship could accommodate up to eight people and featured four double bedrooms and a spacious lounge area with a huge TV.

There was also a sun deck and a berth for a jet ski.

One viewer said: “Interesting.

“A lot has happened in the world of superyachts in the last month.

“Threats against the ships over Russian connections.”

Another joked: “No rush to delete it.”

A third quipped: “Anybody know if it belonged to an oligarch?

“Might need insurance money.”