CCTV captured footage of the superyacht just moments before it was engulfed by a storm and “vanished in 60 seconds”.
Tech tycoon Mike Lynch is one of six people still missing after the luxury boat capsized just off the coast of Sicily.
It was carrying 22 passengers, which was made up of 10 crew members and 12 tourists.
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In the early hours of Monday, 19 August, the boat was caught up in a storm before sinking at around 5am local time.
Those still missing have been named as Lynch, along with his daughter Hannah Lynch, Clifford Chance lawyer Chris Morvillo, his wife Neda Morvillo, and Morgan Stanley International bank chairman Jonathan Bloomer and his wife Judy Bloomer.
So far, one body has been found and identified as the ship’s chef.
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The other 15 people were rescued after escaping on a lifeboat, including Lynch’s wife Angela Bacares.
The CCTV footage below shows the yacht just moments before it submerged below the waves.
Speaking to PA news agency, Vincenzo Zagarola of the Italian Coastguard, said: “We think they are still inside the boat, that is our very hard idea.
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“Our search and rescue activity by sea and air has gone on for around 36 hours.
“Of course, we do not exclude that they are not inside the boat, but we know the boat sank quickly.
“We suppose that the six people missing may not have had time to get out of the boat.”
On the chances of the six being alive, he added: “Never say never, but reasonably the answer should be not.”
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Italy’s fire brigade Vigili del Fuoco has referred to the search operation as “complex” with underwater divers taking 12-minute shifts.
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In regards to the CCTV footage, Giornale di Sicilia explained: “In just 60 seconds - says the owner of the villa - you can see the ship disappear.
“Of about 20 cameras installed in the house, only one was not disturbed by the wind and rain. You can clearly see what is happening.
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“There was nothing that could be done for the boat. It disappeared in a very short time.”
Meanwhile, a spokesperson for the UK Foreign, Commonwealth and Development Office (FCDO) said: “We are in contact with the local authorities following an incident in Sicily, and stand ready to provide consular support to British nationals affected.”
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A spokeswoman for Clifford Chance also said: “We are in shock and deeply saddened by this tragic incident.
“Our thoughts are with our partner, Christopher Morvillo, and his wife Neda who are among the missing.
“Our utmost priority is providing support to the family as well as our colleague Ayla Ronald, who together with her partner, thankfully survived the incident.
“Our thoughts extend to the other passengers and crew, and all those affected.
“We have no further comment at this time. We, and the families, ask that their request for privacy is honoured during this period.”