In 1912, the Titanic was known as the world’s most luxurious and largest ocean liner, until it hit an iceberg on April 15 of the year. More than 2,000 passengers boarded the glorious ship and only 700 of them survived the most famous maritime tragedy in history.

An Australian billionaire known as Clive Palmer is prepared to built a new and improved version of the Titanic that will hopefully be ready to set sail in 2016. Palmer, who is funding construction of the ship himself, built his fortune in real estate and coal. Australia’s Business Review Weekly (BRW) magazine estimated his net worth last year at $4 billion, although Forbes puts it at $895 million.

Palmer recently presented his blueprints for the second Titanic at the Intrepid Sea, Air and Space Museum in New York. The plan to build the replica’s main possibility of failure would be people not wanting to board the ship due to the first Titanic’s horrible incident. But Palmer thinks this will not be the case.

“40,000 people have expressed interest in tickets for the maiden voyage, taking the original course from Southampton, England, to New York” Palmer said, according to Fox News.

Not long ago, Palmer met with Helen Benziger, the great granddaughter of Titanic survivor Margaret “Molly” Brown. Benziger, who agreed to serve on the advisory board for the Titanic II, said her great grandmother, who died in 1932, would have loved to see the Titanic rebuilt and complete the journey it never got to finish.

The main reason why Palmer wants to build the second Titanic is because he wants to spend his money on something worthwhile before he dies, and not just leave it all to his children since he knows that they will have enough money left for them once he passes.

One of the most interesting features of the new Titanic is that those who work on the ship as well as the passengers will dress in the fashion of the early 20th century passengers will be served dishes from the original menu, in dining rooms copied from the original ship. Furthermore, plans call for a new “safety deck” featuring state-of-the-art lifeboats, safety chutes and slides.

“I think the idea of building a replica of the Titanic is mind-blowing – it would give me and other people the opportunity to experience an unforgotten moment in history – without the sinking, of course,” senior Gaby Diaz said.

On the other hand, families that have lost family members due to the Titanic’s accident might take rebuilding a new version of the ship as an insult, that someone would want to recreate one of the most terrible events in history. Since this event occurred more than a hundred years ago, several people have moved on from the tragedy and want to experience what it was like to be on the Titanic.

“The Titanic should just be kept as the first and last of its kind; I believe that if another ship is built to look like the Titanic, it’s history will not be as cherished,” junior Emilia Serna said.

If the construction of the new Titanic succeeds, it will attract an immense audience both positively and negatively. This is one way to give people an opportunity to feel as if they went back in time to experience history. The original Titanic was destroyed in a grave tragedy, but hopefully the new Titanic being built will re-create all the amazing features and memories of the original.