Uh huh
This man is a millionaire with a private jet. But now he’s selling it for the sake of the environment. https://t.co/sxA9IyuRFs pic.twitter.com/WShd18NmC6
— CNN (@CNN) July 12, 2023
Obviously, the CNN reporter forgot to ask some pointed, tough questions
Amid these concerns, one private jet owner has decided to scale back. Stephen Prince, vice-chair of the Patriotic Millionaires – a group of wealthy Americans pushing for higher taxes which also contributed to the report – is giving up his Cessna 650 Citation III.
He decided to ditch the plane – a mid-size, long range corporate jet with room for up to nine passengers – after he learned how much more carbon-intensive flying private is compared to commercial.
“I was gobsmacked by the fact that by being so in love with private air travel, I was willing to ignore what a horrible travesty I was perpetrating on the environment and on future generations,” he tells CNN. “I’ve got to change. I just can’t continue to do this.”
Prince was born in 1955. How long has he been taking private, fossil fueled flights? Is it simply no longer necessary for him? Will he be giving up fossil fueled flights?
Prince has owned half a dozen private jets before the Citation III, which is the largest and most expensive to operate he’s ever had – the running costs alone work out at about $275,000 to $300,000 per year. He says flying private is so good, it becomes addictive.
“It’s just absolutely the best way to travel. But I’m going to give it up. I’m just going back to flying commercially, as much as I despise the process after having flown privately for the last six or seven years,” he says. “TSA, long lines, canceled flights, lost luggage – I despise all the things that go along with it. And when you fly first class, it’s not cheap, either. But I made my decision back in March this year. And I’m sticking with it, I’m selling it, I’m going to aggressively get rid of it.”
Well, that’s his problem. Stop trying to force your Beliefs on Other People
The Cessna is currently worth about $1 million and in the current market it should find a buyer pretty quickly.
I bet he’s taking a nice write-off on it. They haven’t been sold new in quite some time, were originally about $8 million.
There’s just one catch. Prince, an entrepreneur in the gift card and payments industry, may be ditching his jet – but he’s not going to give up private air travel entirely.
“I have a friend who’s going to let me lease his smaller aircraft,” he says, “It’s a twin turbo, which burns about a fourth of the amount of fuel of the Cessna – and I’m only going to use it two or three times a year to go out to a pheasant hunting preserve in the northwest corner of Nebraska.”
So, still private flights, just with a prop plane, which he can incur some nice tax breaks by leasing. Oops!
Read: Rich Guy Plans To Sell His Private Jet To Save The Planet »