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NEW YORK -- Australian billionaire Clive Palmer has unveiled plans to build a replica of the Titanic.

The legendary ocean liner sank more than a century ago, claiming 1,500 lives.

Titanic II will look just like the original, right down to the dinner menus and costumes. But the new ship will have one significant difference: it will sail with modern safety and navigation equipment.

CBS News' Elaine Quijano spoke with Palmer in New York recently about his vision for the ship. Palmer said, It's about people all across the world their concept of what Titanic means to them -- the experience of respect, of love, and of a different time, perhaps -- where women were treated differently by men -- maybe it was before things happened in the 70s.

Asked if this qualifies as a luxury experience, Palmer said, Depends what class you're in, I guess. We've got first, second, and third class. And for me, it's a luxury to sit in third class, to have some Irish stew, to jig around at night. I can never do that. I'm always traveling first class everywhere, so I want that experience. I hunger for that experience.

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