A new private jet is taking to the skies as part of a fleet of 700 that Warren Buffett calls his own…well not exactly his own.
Buffett’s company Berkshire Hathaway (BRK-B) owns NetJets, which allows people to buy shares of a private jet or lease them, or buy some flying time. A recent unveiling of one of their new planes gave Yahoo Finance the opportunity to see first hand what this luxury enjoyed by the rich and famous is like.
Describing the service, NetJets CEO Jordan Hansell tell us, “It’s not inexpensive. It’s something you’ve got to be prepared to take on, but when people do, they describe it as something they would never give up.” That could also be why, as commercial airlines step-up premium services, with even low cost carrier Jet Blue (JBLU) getting into that game adding a new class called “Mint” on some flights, Hansell doesn’t see them as competition.
“I think they do a very nice job, but there’s a difference between first-class travel on a common carrier and flying on your own aircraft where you control everything,” Hansell says, pointing out that travelers flying private do not have to go through airport security, can customize the experience however they like with catered food, and can make travel changes on a whim.
Buffet’s Blessing
“Warren and his family flew over 5,000 hours on our fleet and having Berkshire’s backing and Warren’s imprimatur couldn’t be more important,” says Hansell.
Buying a Marquis Jet Card will get you 25 hours of fly time, and according to the CEO, is the lowest cost option at a price of $120,000 to $130,000. The bill goes up, up and away from there, with planes going all the way up to $65 million.
