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I have actually talked to a guy who witnessed this acciedent first hand. The front sling broke loose causing the boat to nose dive into the water. It was a brand new boat. there were actually 2 people onboard at the time, one is hard to see. Both people survived with only minor injurys, One broke his collarbone, the other i think broke his arm. The boat was a right off.
Way back, when I got this on email, I remember the story saying that the yacht was being delivered to the new owner, who had NOT signed on the bottom line yet.