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Billionaire Paul Allen, the Microsoft co-founder is in a spot of trouble. The anchor of his yacht, the Tatoosh, is said to have hit the protected coral reefs in the Cayman Islands, situated in the West Bay Replenishment Zone.

It damaged 80 percent of the corals, reported the Department of Environment in the Cayman Islands, according to CNN Money. It destroyed about 14,000 square feet (1,300 square meters) of reef in the islands' West Bay area. However, Allen was not on board the yacht when it happened.

The port officials were directing the yacht when it happened, according to a statement from Allen's company, Vulcan.

"When its crew was alerted by a diver that her anchor chain may have impacted coral in the area, the crew promptly, and on their own accord, relocated their position to ensure the reef was protected," the statement said.

"Vulcan and the ship's crew are actively and cooperatively working with local authorities to determine the details of what happened. An investigation by local authorities is ongoing," the statement added.

The billionaire might be fined up to $600,000, said Scott Slaybaugh, the Deputy Director for the Cayman Islands Department of Environment.

"It's not going to depend at all on who's vessel it is, or what assets they have," Slaybaugh said, according to the Telegraph. "It's the value of the reef and that's what we take seriously, so the consequence would be the same for anyone."

Last year, Allen donated almost $4 million to fund the research to stem the rapid decline of coral reefs, said Vulcan.