Paramount Pictures/AP
Stephen M. Silverman
February 27, 2013 09:15 AM

It’s the biggest Oscar winner of all time, but it’s also a code word for disaster: Titanic.

Now, an Australian billionaire plans to recreate the legendary ship, and charge $1 million for a first-class cabin when his replica Titanic II re-traces the original 1912 route of the great ship that went down.

Once the new ship is built in China, its maiden voyage is scheduled for late 2016 and will hopefully go the full distance from England’s Southampton to New York’s West Side.

Its furnishings, said its financier Clive Palmer, will include a Turkish bath (just like on the original) and the ornate grand staircase which Leonardo DiCaprio and Kate Winslet descended in the 1997 James Cameron movie.

It will also have some things the original didn’t: air-conditioning and enough lifeboats.

But will it be “unsinkable?” Unthinkable, Palmer said at a press conference in New York Tuesday.

“Anything will sink if you put a hole in it,” he said. “I think it would be very cavalier to say it.”

The ship will have three separate classes – with no mingling among them, like in the movie – and offer period costumes to its passengers.

Does that sound like fun to you?

The great ship, Titanic (1997)

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