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Billionaire launches plans for Titanic replica

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Markku Kanerva, director of sales for marine design company Deltamarin said that while the vessel is modeled after the legendary liner — the diesel-powered ship will even have four decorative smoke stacks mimicking the coal-powered originals — it will meet modern navigation and safety requirements.

In addition, plans call for a new "safety deck" featuring state-of-the-art lifeboats, safety chutes and slides. The new ship will also have amenities unknown a century ago, like air conditioning.

Palmer, who is funding construction of the ship himself, built his fortune in real estate and coal. Australia's BRW magazine estimated his net worth last year at $4 billion, although Forbes puts it at $895 million.

"I want to spend the money I've got before I die," he said. "You might as well spend it, not leave it to the kids to spend, there will be enough left for them anyway."

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