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Paul Allen's Firm Working With Caymans Amid Reports Yacht Damaged Reef

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    Microsoft co-founder Paul Allen at a news conference Tuesday, Dec. 13, 2011, in Seattle.

    Microsoft co-founder Paul Allen's 300-foot luxury yacht destroyed 14,000 square feet of protected coral reef in the Cayman Islands, according to reports, and Allen is working with authorities investigating the situation. 

    According to the Cayman News Service, the anchor chain of the MV Tatoosh caused "extensive damage" to the reef earlier this month on Jan. 14.

    Allen is worth $18.1 billion, according to Forbes, and lists coral-reef research among his philanthropic projects.

    His Seattle-based company, Vulcan, said in a statement Wednesday the boat's mooring position was "explicitly directed" by the local port authority. The firm told Reuters that Allen was not on board at the time.