It's that time of year ... Magic Johnson's annual MEGA-YACHT ITALIAN VACATION -- and this year, he's on the most expensive yacht yet!!!
Magic -- along with LL Cool J, Rodney and Holy Robinson Peete and others -- are sailing off the Amalfi Coast on a yacht called the Aquila ... a 281 foot ship that costs $950k per week to rent!!!
The ship is INSANE ... it's like a floating mansion/hotel all in one -- with a crazy gym, dining room area, movie theater, hot tub, massive outdoor deck, 2 massage rooms and it's own NIGHTCLUB!