It is one of the most famous cruise-ship disasters known to man, but now, almost 51 years after the Titanic sank off the Northern-Atlantic-Ocean coast, Australian billionaire Clive Palmer, chairman of Blue Star Line shipping company, unveiled blueprints for his company's planned Titanic II.

"It's an exact replica of the haunted 1912 cruise liner that ... well, you've seen the movie," said CNN.

Palmer claims Titanic II will be the safest cruise ship in the world when it sets sail in 2016 from Southampton, England, bound for New York, following the ill-fated Titanic's original planned route, reported CNN.

He won't say how much money he's sunk into the project, but he doesn't appear worried about those leery about boarding such a dubiously named vessel. Palmer says he's received offers of up to $1 million for passage on the ship's maiden voyage.

To make sure the ship and planned route match up to the original, the company announced that that an advisory board would be formed to provide "suggestions and recommendations to Blue Star Line to ensure theTitanic II appropriately and respectfully pays homage to Titanic, her crew and passengers." Terry Ismay, the great-great nephew of White Star Line chairman and Titanic survivor Joseph Ismay will be a member of the board,[17] as well as Helen Benziger, great-granddaughter of Titanic survivor Margaret Brown, stated the company website.

The press event, held at New York's Intrepid Sea, Air & Space Museum, was part of an ongoing campaign to promote the Titanic II launch. Blue Star held a Titanic II Gala Dinner at the Venetian in Macau this month to drum up interest among wealthy Chinese, according to CNN.