SAN FRANCISCO, CA - OCTOBER 20: Founder/chairman/CEO of Amazon, Jeff Bezos, speaks onstage during "The Prime of Mr. Jeff Bezos" at the Vanity Fair New Establishment Summit at Yerba Buena Center for the Arts on October 20, 2016 in San Francisco, California. (Photo by Michael Kovac/Getty Images for Vanity Fair) Jeff Bezos
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.
Greg Doherty/Getty Jeff Bezos
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."
RELATED VIDEO: Jeff Bezos Claims 'National Enquirer' Tried to Blackmail Him by Threatening to Publish Nude Photos
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.