See inside a $23 million private jet that Fortune 500 companies or wealthy travelers can split to fly cheaper

October 19, 20240

The Praetor 600 is just one of hundreds of Flexjet’s fractional owner planes.

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Flexjet is the second-largest fractional ownership operator behind NetJets by share of flight hours.

“It’s like a country club; there’s an initial buy-in to join, then there’s a monthly due to cover the fixed cost of ownership, then there’s the direct hourly operating cost when you go out to fly your hours,” Anthony Sibilla, sales VP for Flexjet, told Business Insider during the tour.

Flexjet’s fractional ownership starts at 1/16, or 50 hours a year, and goes up to a half share, or 400 hours. So, instead of paying $23 million for the Praetor 600 plus all of the upkeep and operating expenses, buyers are paying a much smaller amount with up to 15 other customers.

Flexjet’s fractional owners are 80% Fortune 500 companies and 20% high-net-worth people, Sibilla said.

Inside the Praetor 600.

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$10,000 is expensive — it’s more than three times the median mortgage payment in the US. But for wealthy fliers, it can cut some of the time, hassle, and inflexibility associated with commercial flying.

Sibilla said the Flexjet’s hourly rate, which he emphasized was a rough average, is the “all-in operating cost.” This covers extras like fuel and the pro-rated monthly management fee, which includes costs such as maintenance and insurance. He said the company can guarantee the aircraft’s availability within 10 hours.

It also has another perk: fractional owners can be hard to track. Elon Musk, for example, has been vocal about jet trackers following his whereabouts. Apple CEO Tim Cook and LVMH CEO Bernard Arnault only rent private planes due to security and privacy concerns.

Flexjet’s Praetor 600 can fly up to about 4,600 miles, or nearly eight hours nonstop.

Flexjet has an interior design center in Ohio.

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There are six loungers and a three-person divan available on board, with two pilots in the cockpit.

Sibilla said Flexjet has customized the interiors of its aircraft with different color schemes and designs to give its customers a homey environment and bridge the gap between fractional ownership and wholly owning the jet.

Flexjet pilots are specific to the plane’s tail number to further personalize the fractional experience, as well, he said.

The divan can be converted into a bed.

Catering was set up to demonstrate part of a cabin server’s job, though servers are not staffed on the Praetor 600.

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Flexjet has a standardized menu but the company said it can accommodate customer requests — meaning anything from five-star luxury restaurants to McDonald’s french fries.

Customers can eat at the pull-out tables between each set of forward and aft loungers.

Sibilla said some of its private planes, like the Gulfstream G450, automatically staff a “cabin server,” which is Flexjet’s term for a flight attendant. The Praetor 600 doesn’t offer servers. Its galley has a convection oven and other equipment to prepare meals.

There is a lavatory and storage room in the back of the jet.

The cockpit does not have a yoke.

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The Praetor 600 has an advanced fly-by-wire system (meaning the pilot doesn’t have a yoke) that is designed to make flying easier and less busy.

The large cockpit screens aim to help with workflow and situational awareness. The Praetor 600 and its Praetor 500 sister jet have one of the world’s best safety records, according to an analysis of safety records by charter broker Stratos Jet Charters.

The plan also offers inflight WiFi, a DVD player, a sound system, and cabin controls for temperature and lighting.

Flyers can use a private terminal in some cities.

The galley had plenty of storage and meal prep equipment.

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It’s hard not to see the appeal of fractional ownership. It offers privacy and convenience while avoiding all the leg work of fully owning a personal or corporate jet.

And the hourly rate might make sense for corporate travel. A company flying nine people from New York to Florida might spend roughly $30,000 on the three-hour one-way flight, which is about $3,300 per person. A Delta Air Lines domestic first-class ticket on the same route in December ranges from $500 to $1,500 per seat.

The Delta flight is still half the price or less overall, but wealthy fractional buyers may be willing to pay extra for the time savings, comfort, and peace of mind of a private plane — not to mention the potential tax benefits for business travel.