Australian billionaire building Titanic II
Updated: Wednesday, February 27 2013, 08:46 AM EST
AUSTRALIA (NEWSCHANNEL 3) - An Australian billionaire is bringing back the Titanic.
Clive Palmer is giving us a sneak peak at the plans for Titanic II, a replica of the luxury liner.
Video showing what the ship is expected to look like debuted Tuesday.
Palmer says the ship will be an exact replica of the Titanic with a few modern twists, like air conditioning and internet.
Unlike its name-sake it will have a full compliment of 18 life boats capable of holding 150-people each as well as two mega life rafts that can hold 400-people.
Palmer stopped short of calling it unsinkable though, saying quote "anything will sink if you put a hole in it."
The Titanic II is set to sail in 2016.