Clive Palmer said, “Titanic II will be the ship where dreams come true”. Sadly, Mr Palmer’s dream of the Titanic II has sunk before it sailed.

Reports reveal that the company in charge of building Titanic II, Blue Star Line was paid almost $6 million by the now-collapsed Queensland Nickel.

The report, released by administrators this week, also shows that Queensland Nickel was paid $3.3 million in marketing costs for launch events in New York and London.

It also paid $1.9 million in project management.

February 2013 was a heady time for Mr Palmer as he wined and dined potential investors with 11-course degustations and flowing champagne.

Dinner included oysters, Nova Scotia Salmon and Angus fillet mignon and truffles.

During his New York leg of the tour, Mr Palmer stayed at the $2000 a night Waldorf Astoria and even dined with astronaut Buzz Aldrin.

But the dream has come collapsing down as the administrator has recommended that Queensland Nickel be liquidated. They have also flagged their intention to get back the $6 million paid to Blue Star Line.

The report found that the payments to Blue Star Line were “uncommercial and director-related transactions”. They also said other payments were considered as “reckless” behaviour by Mr Palmer, who now faces possible criminal charges.

But Mr Palmer was already fending of skepticism insisting his dream would be going ahead, despite the launch date being pushed back from 2016 to 2018.

The ship was planned to accommodate 2,435 passengers and 9000 crew and was estimated to cost around $500 million.

“I have enough money to pay it, so that’s all that really matters,” he said.