From a $300,000 racing pigeon to a private island, the rich have been spending their money on some unusual acquisitions.

Late last month, Aussie mining mogul Clive Palmer unveiled plans for his latest project, a replica of the most famous ship there ever was. According to Palmer, whose fortune nears a reported $800 million, construction will soon begin on a new model of the Titanic, the fated vessel that sunk in the North Atlantic more than a century ago.

While the Titanic replica will is not intended for Palmer's personal use — he says 40,000 people have expressed interest in tickets for his ship's maiden voyage — the point remains: when you're rich, you tend to spend your money in ways most could never imagine. With the new Titanic slotted for a late 2016 launch, MSN honours Palmer's vision with other crazy things rich people have bought — from billion-dollar houses and private island homes to submarines and gold-plated private jets.

* All figures in USD.