Palmer, 69, previously launched similar plans in 2012 and 2018 to build the Titanic II, a replica of the doomed ocean liner that sank in 1912 on her maiden voyage after striking an iceberg, killing more than 2,000 people on board.

The billionaire held a press conference Wednesday at the Sydney Opera House to announce his vision for completing the vessel, promising to construct “the ship of love and the ultimate in style and luxury,” the Guardian reported. Palmer, who also served in the Australian parliament, said he hasn’t secured a shipyard.

A rendering of the Titanic II and a drawing of the original Titanic as it sank in the ocean. Clive Palmer, an Australian billionaire, said he will move forward with plans to build a replica of the passenger ocean liner.  (Blue Star Line)

“We are getting the best ship-builders, designers and engineers in the world back on deck to build Titanic ll,” Palmer said.

The ship will be constructed by Palmer’s company, Blue Star Line.

Once completed, the ship will follow the original journey of the first Titanic. It will depart from Southampton, England to New York and will also sail around the world, Palmer said.

The interior of the proposed vessel will comprise nine decks and feature 835 cabins, including 383 in first class, 201 in second class and 251 third-class rooms. It will serve up to 2,435 passengers. It will also be fitted with an exact replica of The Bridge as it was on the original ship.

Aside from the onboard experience, the ship would feature upgrades to navigation technology and modern safety procedures. It will be powered by a diesel engine but will still feature four smoke stacks like the original, coal-powered Titanic.

On Wednesday, he blamed the COVID-19 pandemic and cruise industry shutdowns for delays.

“I’ve got more money now,” he said. “It’s a lot more fun to do the Titanic than it is to sit at home and count my money.”