Israeli shipowner Idan Ofer hosted an extravagant party on the Greek island of Mykonos earlier this month to celebrate his 10th wedding anniversary to his fourth wife Batia, according to local media carrying footage of the event.

The €5m ($5.5m) production was reportedly inspired by the Burning Man Festival, an annual experimental community art event in the United States.

Dozens of guests in in a remarkable fantasy fancy dress appear on a video by local news website Mykonos Live TV.

Click here for Mykonos Live TV video

Ofer controls Eastern Pacific Shipping, alongside a number of other industrial holdings including Israel Corp and Pacific Drilling. He is also the largest single shareholder in Spanish football club Atletico Madrid.

Seven hundreds guests and celebrities arrived on the island to enjoy the party, according to Greek news web site protothema.gr, which carries the footage. They were treated to plenty of food, drink, elaborate dance shows and musical performances.

“Who wouldn’t want to be here tonight?” declared a master of ceremonies wearing a giant blue, floor-lamp like feathered hat. He was introducing Ofer and his wife.

They both stood gleaming, dressed in mock bride-and-groom costumes, below an elevated heart-shaped construction made up of red string lights.