Magic Johnson and LL Cool J Ballin' Out On $1 Mil-Per-Week Yacht!

It's that time of year ... Magic Johnson's annual MEGAYACHT ITALIAN VACATION -- and this year, he's on the most expensive yacht yet!!!

Magic -- along with LL Cool J, Rodney and Holly 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 its own NIGHTCLUB!!!

The ship officially fits 12 guests and has a crew of 28!!!

Usually, Magic's Italian vacations last around 6 weeks ... so if ya do the math, we're talking $6 MILLION!!!!!

And, of course, Magic usually hosts a rotating group of super famous and wealthy friends including Samuel L. Jackson and Steve Harvey ... so keep your eyes out for them.

Back in 2017, Magic and the rest of the Johnsons sailed on a ship called the Siren, which runs about $700,000 per week -- chump change for Magic.

What's funny about this story ... Magic quit his job with the Lakers this year (which reportedly paid $10 mil per year) and he's STILL balling out like a boss!!! Bigger than ever!!!