Sources in the area have suggested that the yacht in question is 45.72m Sea Falcon II, which has recently completed an extensive refit at Varadero Port Denia.
While the reason for the sinking is not yet known, reports state that there were no injuries or water pollution caused by the incident.
De Laurentiis is said to have been on board at the time of the incident with his wife, children, family friends and four of the crew. All 12 people on board were allegedly rescued without injury.
With the fire having been very visible from downtown Naples, images and videos of the incident have been circulating social media. Some examples of these can be viewed here.
SuperyachtNews.com will keep readers informed with any developments in the investigations in to both incidents.