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Palmer refuses to pay speeding fine
Palmer refuses to pay speeding fine

Billionaire Clive Palmer reportedly faces a possible jail sentence for refusing to pay a $333 speeding fine.

Mr Palmer was allegedly clocked driving 27km/h over the speed limit on Oxley Drive on the Gold Coast in his Mercedes Benz.

Mr Palmer was allegedly nabbed in January, but four months on, still hasn't paid the fine.

It's understood Mr Palmer is attempting to contest the fine in court despite the 28 day appeal period having passed.

Speaking to The Gold Coast Bulletin, a legal expert claimed Mr Palmer was 'out of luck', and would have to pay the fine or face a possible jail sentence.

"Mr Palmer has taken no action within the 28-day period and it would be highly unlikely that the court would reopen the matter," he said.

It's the latest in a string of high profile incidents involving the billionaire in recent weeks.

Yesterday he launched his first billboard in the federal seat of Lilley – which he plans to contest at the next federal election.

If pre-selected, Mr Palmer will take on Treasurer Wayne Swan, who hit back at the mining magnate via Twitter yesterday.

"First sign of Clive Palmer in Lilley.. it's literally a sign. I'll fight for the #FairGo in the community I live in", Mr Swan tweeted.

Clive Palmer's new billboard in the seat of Lilley.

When Mr Palmer has announced his plans to enter parliament, he also revealed a scheme to build an exact replica of the Titanic, creatively named 'Titanic II'.

Earlier this year during the Queensland election campaign, Mr Palmer accused the Greens, CSIRO scientists and anti-coal campaigners of being involved in a CIA conspiracy to destroy the Australian coal mining industry.

He later took back the statement, claiming he was just trying to distract from some negative press involving then Queensland opposition leader Campbell Newman.