Gulfstream550

Peter Jackson's Pricey New Plane

Here's something I didn't know about "Lord of the Rings" director Sir Peter Jackson, he's a plane junkie. New Zealand websites are reporting the Jackson paid around $50 million to pick up a Gulfstream G550. His new plane is able to fly non-stop from Australia to Los Angeles and will replace his older Gulfstream IV which had to make a fueling stop on the way because of its shorter range.

Jackson doesn't just like new planes, he's also a collector of World War I and replica planes and has a company, The Vintage Aviator which constructs and restores military aircraft. Around half of his vintage planes are in flying condition.

The new Gulfstream G550 will be parked in Melbourne instead of Wellington Airport as was originally thought. There was some concern about creating a hangar for the jet on short notice. The salty air in Wellington could damage a plane left sitting out in the open.

The G550 usually accommodates 12 to 16 passengers in leather seats and divans and can sleep five or six passengers. The article says that Jackson makes all the guests on his overnight flights to Hollywood wear pajamas.

Gallery: Celebrity Pilots

Tags: gulfstream 550, Gulfstream550, peter jackson

Lehman Brothers Bids Farewell To Its Last Jet

by Deidre Woollard (RSS feed) —

Filed under: Wings

The high flying days are officially over for Lehman Brothers. The Wall Street Journal reports that Lehman Brothers has finally sold off its last private plane, a Gulfstream 550 that it bought for about $40 million in 2006. Lehman Brothers Holdings has already sold off two Gulfstream IVs, a Dassault Falcon 50 and a Sikorsky chopper since filing for bankruptcy last year. The planes were often used to cart Chief Executive Richard Fuld and his team of executives to meetings around the world (and to Fuld's several homes). The firm of Alvarez & Marsal continues to sell off Lehman's assets. So far Lehman raised almost $90 million from selling the planes and helicopter, an amount that the WSJ says is roughly 97 cents to the dollar of their book value (purchase price less depreciation). Not too shabby in this market.

Source

Tags: gulfstream 550, Gulfstream550, lehman brothers, LehmanBrothers

Starbucks Puts The Corporate Jet Up For Sale

by Deidre Woollard (RSS feed) —

Filed under: Wings

Well that was fast, Starbucks had their new corporate jet for less than a month before succumbing to economic pressures and putting it up for sale. Aero-News Network reports that the company had less than 20 flights on the new Gulfstream G550 before putting it up for sale with Avpro. The news comes as Starbucks reported lower earnings and plans to close more stores.

The $45 million Gulfstream 550 was ordered four years ago during boom times for the coffee company. Unlike Citigroup and other companies on the hot seat for private jet usage, Starbucks hasn't asked for federal funds. The company has also been trying to sell off its Gulfstream G-V. Now Starbucks just has to find a willing buyer.

Source

Tags: corporate jet, CorporateJet, gulfstream 550, Gulfstream550, private plane, PrivatePlane, starbucks