Titanic due to arrive in Southampton in 2016

Clive Palmer, the Australian billionaire, announcing his plans for Titanic II in New York Credit: Mike Pearse/ITV News Meridian

Titanic II will sail from Southampton in third quarter of 2016. "I will spend what it takes to build it. I want to spend the money I have before I die." Said Palmer.

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Go-ahead for the new Titanic

An Australian billionaire, Clive Palmer, will today announce he is going ahead with plans to build a full size replica of the Titanic.