An Australian Billionaire Is Building A Nearly Exact Replica Of The Titanic

Whatever happens to those plans, it's clear that Palmer has a taste for recreating the past.

The 58-year-old, who made his fortune from natural resources like coal and iron, is now bringing the world's most famous ship back to life.

In New York on Tuesday, he unveiled images of Titanic II, a replica of the ocean liner that sank on its maiden voyage in 1912, claiming 1,502 lives.

To offer 21st century cruise-goers the chance to sail on the Titanic, Palmer created the company Blue Star Line last year. The ship is being designed by Finnish company Deltamarin, and will be built by Chinese state-owned CSC Jinling Shipyard, Reuters reported.

While the new Titanic will have air conditioning and modern safety equipment (and enough lifeboats for all of its 2,435 passengers and 900 crew), it will be made to look just like the original. Passengers will even be divided into three classes, and will be kept from mingling with those outside their station.

Construction should begin next year, and Palmer hopes to have the ship cruising by 2016. He has not specified how much the project will cost, but says the funds are coming from his own pocket, and that he'll spend what it takes to get the Titanic back on the ocean.