Russian president Dmitry Medvedev has spent $41 million on a 177-foot superyacht with whirlpool baths, an artificial waterfall encased in glass and a movie theater.

It is believed to be a replacement for the current presidential yacht, the 148-foot Kavkaz, which is due to be decommissioned.

The vessel has, according to a Kremlin spokesman, "Everything necessary for a president for work and relaxation."

Click here for the full report and click here for a photo of the new yacht.