New Delhi, Sept. 4 -- In a dramatic turn of events, a luxury yacht worth nearly $1 million sank just 15 minutes after its maiden voyage off the northern coast of Turkey, forcing its owner and crew to leap into the water to save themselves, the New York Post reported.

The 85-foot yacht, named Dolce Vento, had just been delivered to its owner from Istanbul and was being launched for the very first time near the Eregli district of Zonguldak on Tuesday.

A video captured the shocking moment the yacht tilted sharply to one side before slowly submerging into the sea. In the clip, people can be heard shouting in panic as the vessel began to go under.

As the boat began to sink, the owner, captain, and two crew members quickly jumped overboard a...