A superyacht owned by Australian billionaire James Packer is in Auckland waters.

The vessel, named Arctic P, has been docked in the City of Sails for the past week undergoing some work.

Boasting features such as a private helipad, observation tower and ampitheatre, the Artic P is said to be Packer's most prized possession. It's rumoured to be worth more than $116 million.

After being refitted in 2014, the yacht has a super steel structure making it strong enough to dribble through ice in the southern ocean.

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It can cover distances up to 18,000 nautical miles at 20 knot speeds and can accommodate 12 guests.

Packer's guest list for parties held on the boat have included the likes of Leonardo DiCaprio, Miranda Kerr and Alan Jones.