No, it's not another movie about the Titanic. It's another Titanic.

An Australlian billionaire announced on Monday that he will build a high-tech replica of the Titanic and it will sail from England to New York, just as the first ship was scheduled to do, reported the Star Tribune.

Clive Palmer was Australia's fifth-richest person with more than 5.2 billion U.S. dollars, reported BRW magazine.

Palmer said in a statement that previous attempts to replicate the ship failed because of lack of funds and inability to commission a shipyard. Palmer will build the ship in a Chinese shipyard. It is the first of four luxury cruise ships Palmer commissioned with the CSC Jinling Shipyard, according to the Strib.

Design work for the Titanic II has begun with a historical research team helping. The ship will feature four, purely decorative smoke stacks like that original coal-powered ship had. The biggest changes will be below deck.

"It will be every bit as luxurious as the original Titanic, but … will have state-of-the-art 21st-century technology and the latest navigation and safety systems," Palmer said in a statement reported by the Star Tribune. He called the project "a tribute to the spirit of the men and women who worked on the original Titanic."

The ship is set to sail in 2016 and will carry approximately 1,680 passengers.