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

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.

Sibilla said the customers are very territory-specific.

“The New York City area is a lot of private equity, real estate, and finance” companies, he said. “Houston is oil and gas; in the Bay Area, it’s a lot of tech companies.”

South Florida’s fractional jet ownership market historically included many New Yorkers who retired or had a second home in the state. More recently, customers have included companies like Citadel and Goldman Sachs that relocated to the Sunshine State during the pandemic, Sibilla said.

$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.

The super-midsized category jet is bigger and longer-ranged than the midsize Praetor 500 and is better suited for longer trips. It can connect cities like London and New York or São Paulo and Miami, flying about 700 miles further than its sister jet.

In the US, Sibilla said Flexjet’s Praetor 600 is frequently used between New York and Palm Beach in Florida, but leisure travelers also commonly fly it to ski destinations like Bozeman, Montana, and Aspen, Colorado.

He said the Praetor 600’s 150 cubic feet of storage can accommodate the snowboard and ski gear needed for these high-dollar vacations.

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.

Having a bed onboard can greatly increase the value of a larger plane like the Praetor 600, especially on transatlantic or cross-country routes.

The individual lounges can also be adjusted into twin beds, but Sibilla said the seat’s legrest and deep recline are often comfortable enough for flyers.

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.

The bathroom was surprisingly chic, with woodlike finishes, a sink, a mirror, and even a window. The toilet’s thick cushion cover is distinctive from commercial plane bathrooms.

The storage room, accessible from the bathroom, can hold snacks, toiletries, and other items.

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.

Private jet passengers can often avoid the hassle of airport security and instead fly out of private terminals.

Flexjet has a handful of dedicated terminals, meaning in some cities, it doesn’t share a space with competitor charter companies, flight schools, or other general aviation flights.

This includes Westchester, where customers can have private meetings or enjoy a drink or sandwich in the lobby before a flight, or they can simply drive straight up to their plane on the tarmac. Flexjet also operates its own maintenance hangar at the airport.

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.