Australian billionaire Clive Palmer announced on Tuesday (Feb. 26) that he plans to construct a replica of the Titanic cruise ship. He is designing the Titanic II and displayed the blueprints at a press conference held at the Intrepid Sea, Air & Space Museum in New York City.

Palmer would not discuss how much it will cost to recreate the famous ocean liner and some naysayers don't believe the Titanic II will be able to attract enough passengers. Questions have been raised about the venture being disrespectful to those who died in the Atlantic Ocean tragedy in April 1912.

Palmer insists that on the contrary, it will be a successful endeavor and says he has already received positive feedback from people who want to travel on the Titanic II.

"The Titanic was a ship of dreams. The Titanic II will be the ship where dreams come true," said Palmer.

As USA Today reports, Titanic II is expected to be three inches longer than the original, at 883 feet long and weighing 55,800 gross tons, Palmer said. The cruise ship will feature a casino, theater, gym, swimming pool and Turkish baths. Its first voyage will be to New York, embarking from Shanghai and stopping in England.  

"Given all the safety concerns the industry has faced over the past 14 months — especially with Costa Concordia — such a ship would appear to have very limited appeal in this era," said Michael Driscoll, editor of the industry newsletter Cruise Week.

 "Themed cruises in general and even one-off re-creations of Titanic sailings in particular have proven popular in this business, but those thrive because they are done infrequently, not on a year-round basis," said Driscoll.

He said that the weather and huge waves may result in issues for traveling across the Atlantic during the winter and may not have an appeal in warmer regions.