There are certain eccentricities that you're allowed to have when you become a billionaire.

Richard Branson keeps trying to break sailing records as he flirts with going into space; Bill Gates is trying to save the world; and Clive Palmer is building an updated replica of the Titanic.

So, who exactly is Clive Palmer?

He's an Australian mining magnate who's running for public office -- and, in his spare time, he's been working on an exact modern replica of the infamous cruise ship, "Titanic," which he is calling "Titanic II."

Upon completion, in 2016, he plans to sail the replica from England to New York (accompanied by the Chinese navy).

According to Clive, the Titanic II will have all the luxuries of the 21st century and technological advancements of the last 100 years to help keep it afloat. Though the questions of whether the ship will be as "unsinkable" as its predecessor did come up during the press conference to announce the endeavor.

"Of course, it will sink if you put a hole in it," Clive told reporters.

"It is going to be designed so it won't sink," he said. "But, of course, if you are superstitious, like you are, you never know what could happen.''

Well, thanks, Clive. We feel better.