Titanic 2: Australian Tycoon Determined to Build Replica

John Donvan reports on one man's quest to rebuild famous ship.
1:50 | 02/27/13

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Transcript for Titanic 2: Australian Tycoon Determined to Build Replica
And finally tonight, a ticket aboard the titanic? Someone is determined to recreate that journey. And to tell us about it, abc's john donvan. Reporter: The original "titanic," the unsinkable ship that sank first time out. A scene re-e acted in the movies more than once. Most notably with WITH leonardo DiCaprio and kate winslet going overboard. But that was a hollywood "titanic," much of it the visualout put of a computer program. This, however, is the remake of the actual ship, full scale, by this man. I'm funding this myself because I want to spend the money I've got before I die. Reporter: Clive palmer is an australian bill for a, for whom building a second "titanic" is a long-time dream, which is paying $500 million to happen, especially to ensure that it comes off, well, remarkably like the old one. Matching what was then with what will be the next time "titanic" sails. That will be, he hopes, sometime in 2016, with the boat building carried out in china. Of course, given what happened to the first titanic, is attempting fate to send a second one out to sea. Palmer does not think so. One of the benefits of global warming has been, there isn't so many icebergs in the north atlantic these days. Reporter: Neither one the most famous survivor of all, molly brown. According to her great granddaughter, she would be first in line for a ticket. Probably because she never finished the voyage. And she always loved to fin whash she started. Reporter: At least molly brown would recognize the although maybe not the ticket price. Some of which may go for as much as $1 million for the best cabins on the first voyage of the second "titanic." John donvan, abc news, washington.

This transcript has been automatically generated and may not be 100% accurate.

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