TODAY | February 27, 2013
>>> just call him the king of the world . 100 years after the sinking of the titanic , one tycoon is planning on building a modern replica of that doomed oceanliner. stephanie gosk has more on that.
>> if someone said to you, we're building another titanic , do you want to join us on the first trip? would you do it or wait and see how that first trip went? a billionaire from australia has begun construction on the titanic ii and there are a lot of people clamoring to get on board. in the chronicles of human failures, there are a few more infamous than the titanic . all ships, we learned, can sink, including the one they called unsinkable. now a century later, an australian billionaire says it's time for the titanic to sail again and revise its place in history.
>> 100 years later, sailing the exact same route, take up the torch and sail to new york and complete the journey.
>> reporter: clive palmer is building the titanic ii, an almost exact replica of the first titanic , ready to set sail by 2016 . the mining tycoon funding the project entirely by himself is something of a romantic.
>> titanic was the ship of dreams and titanic ii is the ship where dreams will come true. it's not just a ship. it's the experience. it's about rose and jack.
>> reporter: rose and jack from the award-winning movie. like director james cameron , palmer is sparing no expense to re-create the cruise liner , the grand staircase , restaurants and smoking room will be identical. but there will be some notable differences on board the titanic ii. this ship will have enough lifeboats, along with modern technology to avoid the icebergs. there are already 40,000 applications for the first trip, including a dozen people willing to pay $1 million for first class. titanic survivor molly brown 's great granddaughter already has a place on board.
>> she would be the first one in line for a ticket, absolutely. she would love it. she never finished the voyage and she always loved to finish what she started.
>> that's really what palmer himself is doing, finishing what was started. unlike the issue titanic , this ship was being built in china, not in belfast, ireland. a sign of the times says palmer and a chance to unit people from all over the world. this guy thinks big.
>> stephanie gosk, thank you very much. on scientific poll, how many of us would go on voyage on the next titanic ?
>> i see where in the world.
>> you make it to england, send us a postcard.
>> it's amazing how much smaller this is going to be compared to the other ships that are out there right now.
>> the size of a pontoon boat .
>> lot more life jackets and lifeboats on board this one.