Billionaire Clive Palmer announces plan to build Titanic II

Billionaire and ex-parliamentary member Clive Palmer has announced to build a replica of the legendary ship, The Titanic, Forbes reported.

Named, Titanic II, will carry passengers in "style and luxury" around the world. Palmer, who started the project twice before, has stated that this time it’s really going to happen.

According to the plans, his shipping company Blue Star Lines, will recreate the exact replica of Titanic, including the grand staircase, a smoking room, casino, theatre and a dining room which will serve food similar to that of the original one.

The construction for the ship will begin next year, and is scheduled to be finished by 2027. It will make its first voyage in June 2027.

As per the 3D plans, the ship will have 835 cabins, out of which, 383 will be first class, 201 second class and 251 third-class rooms.

The ship will reportedly accommodate 2,345 passengers, who will be encouraged to dress as in the early 1900s.

The ticket prices for Titanic II have not yet been announced.

According to the Guardian, the construction of the ship will cost around $500 million to $1 billion.

Palmer, 69, is the 73rd richest man in the and 13th richest in Australia. According to Forbes, his net worth is estimated to be $4.3 billion.

He served as a minster in the Australian parliament from 2013 to 2016. He owns several mining companies and shipping company Blue Star lines.

In a press conference on Thursday, Palmer stated, "Titanic ll is something that can provide peace. It can be a ship of peace between all countries of the world. Millions have dreamt of sailing on her, seeing her in port and experiencing her unique majesty. Titanic ll will be the ship where those dreams come true."