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
Jennifer Garner Was 'Livid' About Ben Affleck's Alleged Fling with Nanny; Affleck Denies Affair
Christine Ouzounian, Ben Affleck's Nanny, Steps Out After Claims of Affair Go Public
Parents Meet Their Adopted Daughter for the First Time: 'Within a Split Second of Holding Her, We Couldn't Imagine Life Without Her'
Lion Killer Walter Palmer Slammed on Social Media, Shuts Down Dental Office
Ben Affleck Nanny Christine Ouzounian Wasn't Obsessed with Celebs, Thought Job Was a 'Good Business Opportunity,' Friend Says
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!