Australian mining billionaire Clive Palmer has announced plans to build a replica of the Titanic.
Just weeks after the 100th anniversary of the sinking of the original vessel, Palmer has already signed a memorandum of understanding with a state-owned Chinese company to build the ship.
The liner will make its maiden voyage from England to New York in 2016.
Palmer, who will run against Deputy Prime Minister and Treasurer Wayne Swan in the next federal election, told smh.com.au: "It will be every bit as luxurious as the original Titanic but of course it will have state-of-the-art 21st-century technology and the latest navigation and safety systems."
More than 1,500 people lost their lives after the Titanic struck an iceberg and sank
When asked by reporters if Titanic II could sink, Palmer replied: “Of course it will sink if you put a hole in it.”
He hastily added: "It is going to be designed so it won't sink.
"It will be designed as a modern ship with all the technology to ensure that doesn't happen.
"But, of course, if you are superstitious like you are, you never know what could happen.''
Scroll down for images of the Titanic wreckage
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The sinking of the original vessel, which belonged to the White Star Line shipping company, caused the death of 1,514 men, women and children, making it one of the deadliest peacetime maritime disasters in history.
Passengers on board the ship included some of the world's wealthiest people, including millionaires such as John Jacob Astor IV, Benjamin Guggenheim and Isidor Straus, and thousands of immigrants seeking a new life in America.
View the National Geographic Museum's exhibition "Titanic: 100 Year Old Obsession".