I was informed today that Lewis Hamilton owns a jet. Fancy pants.
It got me thinking. What does it actually mean to own a jet? Surely you’d have to employ a jet pilot, who would then spend a lot of time sitting around doing nothing.
Do you really buy the plane, or do you lease access to a plane?
What’s the straight dope on plane ownership?
They own it, that’s why they say ‘this is my private jet’. It gives them the ability to deck it out however they want and fly at a moments notice. As for the pilot, I’m sure some hire a pilot to keep on hand all the time and just pay his entire yearly wage. Some probably pay a portion of their yearly wage, but expect them to be able to fly with in X hours notice (say, 72, but maybe they try to schedule things out in advance whenever possible) and I’d guess plenty of others contract with the flight support place that they park the plane at and just use their pilots that they keep on call. So, Beyonce or Jay-Z can call a place like Signature and say she’ll be there in 2 hours and they’ll call one of their pilots to come down, do a pre-flight check while the rest of the staff stocks the plane with whatever she wants in it for her flight. By the time she gets there, it’s ready for take off.
Also, now that I think about it, I wouldn’t be surprised if it’s like a car where some own and some lease. But, I believe a lot of people do own corporate/private jets.
Many also have fractional ownership via companies like Netjets. Even if one is rich enough to have their own plane, it doesn’t make sense for a lot of wealthy people to do so.
Also, picking a random Gulfstream model, it looks like they’re around 40 million dollars new. I’d imagine a rock star/Hollywood big shot/CEO could afford a used one with a loan if they’re well off.
Around 1998 I was working at a FBO (Fixed Base Operation) near St. Louis. The actress Kate Capshaw (AKA Steven Spielberg’ wife) flew in on a Gulfstream. She’s originally from the St. Louis area. There’s no doubt that the Spielbergs owned the plane plus all the crew were employees of Spielberg. With Spielberg’s empire, I bet that crew stays busy.
If you’re short on cash, there’s also a pretty healthy private jet charter business, that still gives you all the perks (other than being able to tell the other jetsetters you own it) without having to deal with all the operational hassles.
One of the advantages of owning the jet yourself is being able to customize the interior to your tastes. I saw a program showing the Gulfstream plant in Georgia where the planes are built and the interiors fitted out. The owner can select the upholstery fabric, the wood veneer for the cabinetry, etc. If you want to have glassware and such in the bar, they will design foam inserts to protect and cushion the glass as the plane moves.
And I’ve read that some people like Bill Gates and Warren Buffett resisted getting private jets for a long time. (I remember reading that Bill Gates would fly in coach, throw a blanket over his head and go to sleep. Also, Warren Buffett eventually got a private jet but christened it The Indefensible) But the idea is that the savings in time and flexibility of a private jet more than justifies the expense.
I know of two wealthy families here in MN that own a jet. Both use it both for corporate business and personal use. One family hires a chef to shop for the supplies, prepare and serve the in-flight meals, and also prepare some meals at the destination. When they were in Paris, the chef had a few hours off to enjoy the city, but also was expected to shop for local food to be eaten at the Paris residence.
From what I see, flashing a NetJets card around is almost as well-regarded as dropping the keys to your Learjet or as what Amex would like to think flashing their latest uber-premium (Gold, Platinum, Black) card does.
One exception to the above is John Travolta, who has a small fleet of jets including a gorgeous ex-Qantas 707 but also a bunch of corporate-type jets that he not only flies himself, but parks at his house: http://www.instablogsimages.com/1/2011/11/15/1321339713_select_image_34_image_3_N.jpg
:eek:
That is…awesome!
Nascar race drivers Carl Edwards and Mark Martin both own and fly their own jets, I believe both are Cessna Citation.
I know from a comment Martin once made that he employs a co-pilot. I can only assume that Edwards also does because most of those jets are only certified to be flown by a two man crew, unless they are of the new class called VLJ (Very Light Jets)
There are probably also other Nascar drivers that own planes and some team owners own them as well, Roush, Childress, Gibb and Penske come to mind.
Evidently Travolta’s neighbors don’t think so. A few of those jets can just barely land on that runway legally. They make quite a bit of noise when taking off.
Working rock stars can afford them if only because they are actually using them as part of their business (like a “normal” company would do). When touring they need to move themselves and some choice equipment with them every couple of days; when not touring I would suspect that they would weigh the cost benefit of using the bands jet vs flying first class if only to avoid internal tiffs within the band as to who gets to use it and for what.
how much fuel does that man waste by flying those things around?
If that’s an actual photo, it sure looks like Revolta’s 707 has the original turbojets; so yeah it’ll be loud as hell.
You could probably ask the same question of anyone who makes a hobby of flying planes. He’s been flying since before he was famous.
ETA, I can’t (quickly) find a cite on how long he’s been flying for, so maybe I shouldn’t say ‘before he was famous’, but he has been flying for a long time. It’s not like he just took it up 5 or 10 years ago when he could afford those planes.
None of it is wasted, I wish I could do that too.
If you ask him, he’ll say none. I’d say the same thing about all the fuel I’ve used (not wasted) going for purely recreational motorcycle rides.
My boss used to own a Learjet and then a Falcon. The maintenance and stand-by pilots aren’t cheap. Count on a million a year in some cases.
He now uses FlexJet, a fractional ownership company, and while it’s not cheap by anyone’s standards, it makes better financial sense for many users. Downside is I can’t fly the Lear anymore like I used to.:mad:
With fractional ownership and charters being “affordable” for well-heeled folks, I simply don’t understand why celebrities fly commercial, deal with the Great Unwashed, then fight through the TMZ cameras to jump in the back of their friend’s car.
The beauty of private planes -small and large - is convenience and privacy.
When we fly with my boss, we drive to the plane on the ramp, and the FBO guys take our cars. When we get back, there are our cars, the pilot taxis over to them, we load and leave. When I had my planes, I parked in my hanger, did my flying thang, then drove away.
I don’t know why any celebrity would want to go through LAX or JFK when they can avoid all that for only $6,000 per hour!
I think a 707 consumes a bit more fuel than your motorcycle.
