The Isle of Wight Fire and Rescue Service were alerted to the incident at East Cowes Marina shortly after 13:00 when reports came through of smoke billowing from a motorcruiser moored up near to The Lifeboat pub.
Smoke continues to rise from the large boat, Kahu, as firefighters battle against the flames.
UPDATE @ 14:15 – Flames have now engulfed the luxury cruiser, with thick, black smoke billowing from the vessel.
Two fire appliances from Ryde Fire Station have now joined colleagues to assist in extinguishing the blaze.
UPDATE @ 14:30 – The Isle of Wight and Rescue Service is advising residents in the local area to keep windows and doors closed as plumes of smoke move across East Cowes, especially in the Hawthorn Meadows and Vectis Road areas.
The three-level vessel has been engulfed in flames.
UPDATE @ 16:30 – Firefighters remain at the scene as darkness falls, more than 3 hours after the alarm was raised.
IslandEcho understand that the boat has been up for sale for several months with a guide price of £4-5million.
UPDATE @ 17:15 – Fire crews are still on the scene at East Cowes Marina this evening as an investigation gets underway as to the cause of the blaze, which has severely damaged the 24-metre ‘Kahu’, which in June of this year was up for sale at a price of $5,650,000.
Earlier this afternoon, Police closed a walkway nearby for public safety. Masks were issued to emergency services.
UPDATE @ 17:47 – According to the Isle of Wight Fire and Rescue Service, over 30 firefighters have been deployed to the incident today.
UPDATE @ 18:00 – The fire continues to burn and has taken the lower levels of the vessel, as photographed by Island Echo reader Heather Mason.
UPDATE @ 21:30– Three fire appliances remain at the dockside this evening as firefighters continue to tackle the blaze, with large amounts of smoke still engulfing nearby residential areas.
It has been confirmed that the boat has sunk and is a total loss.
Firefighters have used a barge to move closer to the vessel, as photographed by Daniel Poole.
Environment Agency officers have also attended the incident and continue to monitor for pollution into the River Medina alongside Hampshire Constabulary’s Marine Policing Unit.
UPDATE WEDNESDAY: The Environment Agency are working closely with other agencies this morning as a salvage and containment operation gets underway at East Cowes Marina.
The incident is now in control of Cowes Harbour Master, Captain Stuart Macintosh.
Some diesel could be seen on the surface of the water this morning.