05:40 AM EDT 03/19/2015
Originally posted 02/27/2013 09:15AM
It's the biggest Oscar winner of all time, but it's also a code word for disaster: Titanic.
Now, an Australian billionaire plans to recreate the legendary ship, and charge $1 million for a first-class cabin when his replica Titanic II re-traces the original 1912 route of the great ship that went down.
Once the new ship is built in China, its maiden voyage is scheduled for late 2016 and will hopefully go the full distance from England's Southampton to New York's West Side.
Its furnishings, said its financier Clive Palmer, will include a Turkish bath (just like on the original) and the ornate grand staircase which Leonardo DiCaprio and Kate Winslet descended in the 1997 James Cameron movie.
It will also have some things the original didn't: air-conditioning and enough lifeboats.
Top 5 Most Voted Stories
Jackie Evancho's Sister Juliet Opens Up About Her Transgender Journey
Flip or Flop Host Tarek El Moussa Battling Thyroid Cancer
Khloé Kardashian Quits PETA after Flour Bombing of Kim Kardashian
Inside Ben Carson's House: An Homage to Himself (and Jesus)
Why Donald Trump Refuses to Apologize for His Frequent Insults of Women's Looks: 'I Find That Women Fully Get It. They're Sophisticated'
Top 10 News Categories
The most buzzed about stars this minute!
Treat Yourself! 4 Preview Issues
More On PEOPLE.com
Got a News Tip?
Send it to our People.com editors!