U.S. Markets open in 2 hrs 39 mins

The Billionaire Who Is Building A Titanic Replica Almost Sank His Own Yacht

Alex Davies

A luxury super-yacht belonging to Clive Palmer — the Australian billionaire building an exact replica of the Titanic — almost sank Wednesday night off Queensland's Gold Coast.

The $5.3 million "Maximus" lost power and came close to colliding with a rock wall, according to the Daily Telegraph. A flare was fired, the passengers put on life jackets, and the yacht was towed to a nearby marina.

Palmer was reportedly entertaining business associates onboard.

The 58-year-old billionaire unveiled images of the Titanic II, the nearly exact replica of the famous doomed ocean liner, last month in New York. Construction should begin next year.

According to Gold Coast News, Palmer has had trouble on the water before; he ran a similar-sized boat aground a few years ago.

Hopefully for potential Titanic II passengers, this marks the end of his bad luck.

More From Business Insider