Australian Titanic billionaire's yacht in collision But I think it shows no matter how wealthy, and what size boat you've got, you can get into trouble. Mr Palmer, a mining magnate from the state of Queensland who has reportedly had a string of bad luck with boats, looked "fairly calm" throughout the ordeal, Mr Pomas said. The mogul is planning to build Titanic II, a replica of the ill-fated cruise ship which sank after hitting an iceberg in 1912. The new vessel, which will have a safety deck and adequate life boats, is due to set sail on its maiden voyage in 2016. Despite his near sinking on Wednesday night off a man-made island in Queensland's Gold Coast, Mr Palmer tweeted the following day: "The world has embraced Titanic II." Mr Pomas said the incident this week was not the first time Mr Palmer had called for help on the water. "It can be quite dangerous whenever you are dealing with a boat of that size and it's challenging," he said. We have assisted Clive once before when he ran aground in a similar-sized boat on the northern Broadwater a few years ago.