Issue importing planet.osm file with osm2pgsql

I'm currently trying to import an osm planet file into my GIS render DB using osm2pgsql and the import keeps failing at the same point.

I ran pgtune prior to running the ingest. I have autovac set to off

I'm running a linux server with 16 cores and 64 GB ram.
postgresql 9.2 osm2pgsql 0.86

I have run the following with 16GB, 24GB and 40GB Cache using 4 processors.

nohup time osm2pgsql --create --proj 3857 --style /usr/local/share/osm2pgsql/default.style -j --slim -C 40000 --number-processes 4 --database gis /home/centos/APIdbplanet.osm

Each time I get the following error:

node cache: stored: 3180786074(100.00%), storage efficiency: 83.61% (dense blocks: 434757, sparse nodes: 121306150), hit rate: -nan% Osm2pgsql failed due to ERROR: CREATE INDEX planet_osm_ways_nodes ON planet_osm_ways USING gin (nodes) WITH (FASTUPDATE=OFF) ; failed: ERROR: invalid memory alloc request size 2013265920

I have a hard time thinking that this is a memory issue. Any help would be great. Thanks.