Just weeks after the 100th anniversary of the Titanic’s tragic sinking–which took more than 1500 lives–an Australian billionaire has announced he is building a new version of the ocean liner, which will have the exact specifications of the original and will sport the latest technological advances in navigation and safety.

Clive Palmer says the construction will take place in China and that the ship won’t be ready until 2016; no word yet on a budget, although back in the early 1900’s it took $7,500,000 to create the luxury ship. That would be about 400,000,000 by today’s standards. Titanic ll is expected to be an epically luxurious mode of travel, so it’s no doubt Palmer will spare no expense.

“Titanic II will be the ultimate in comfort and luxury with on-board gymnasiums and swimming pools, libraries, high class restaurants and luxury cabins,” Palmer said.

The original Titanic was over 882 feet long and almost 93 feet wide; 2,228 passengers were aboard on her maiden voyage, but there were only enough lifeboats to hold 1,178 people because the ship’s creators believed it to be unsinkable due to lower chambers which were supposedly watertight. It was those chambers that were damaged by the iceberg and led to the ship taking on water.

Google Earth has a new feature which allows users to explore a 3-D model of the sunken ship: