NetJets share of a Hawker jet could be sold for one dollar
A fractional owner of a Hawker 400XP business jet is willing to sell his share of the aircraft – originally bought for $120,000 – for as little as a single US dollar.
Despite the 1/32nd share’s current value of around $90,000, the owner has instructed Fractional Jet Europe, an independent broker of secondary jet shares, to listen to all offers for the share – which entitles the owner to 25 hours of flying time per year – starting at a dollar.
The aircraft is owned by fractional jet ownership company NetJets Europe, with the share owner bound by a contract until 2014. However, by selling the share through Fractional Jet Europe, the owner is able to leave the contract early.
The share owner currently pays 125,000 euros ($163,000) per year to operate the aircraft, whilst the monthly fixed costs of ownership total to 4,150 euros.
Chris Moody, CEO of Fractional Jet Europe, said: “Selling the jet share for $1 or more is the most economical choice for the owner. He obviously hopes for a better bid, but he will still be better off selling for $1 than keeping a share he no longer needs.”
He added: “We have had some interest already, but not confirmed bids yet.”
A spokeperson for NetJets Europe said: “It should be noted that any transfer of contract needs to be conducted with the consent of the aircraft operator, as would be expected in such a highly regulated industry.”