The 23-year-old was spotted at the 2012 Tullett Prebon London Boat Show at The Excel exhibition centre in London yesterday buying the Sunseeker boat.
Falcone was shown around the 50m-long yacht, which accommodates 12 guests and ten crew members, before deciding to buy it.
It also boasts a £300,000 sound system, three large decks and a state-of-the-art satellite navigation system, The Mail On Sunday reports.
Falcone apparently secured the boat, complete with hot tub and cocktail bar, with a large deposit.
"At the boatshow... Put a deposit down on a sunseeker ;) bring on summer!" he wrote on Twitter.
Falcone is also said to have bought a £100,000 Mercedes earlier this week.