“We thought it would have a lot of appeal,” the mining millionaire told Sky News. “But we’ve found it’s had enormous appeal.”

The new ship will be almost identical to the infamous ship that sunk in the freezing waters of the Atlantic in 1912, but with a few modern touches such as air conditioning. It is to be built in China.

“Titanic was the ship of dreams,” Palmer said at the launch. “Titanic II is the ship where dreams come true.”

details for the new ship have been kept under wraps and contracts are still to be signed. But there seems to be no shortage of people wanting to be on board Titanic II with 40,000 people already signed up for its maiden voyage in 2016.

“I am funding this myself because I want to spend the money I have before I die,” Palmer says.

Photo: Getty.