The Canadian rapper, Drake, showcased his new private jet – a Boeing 767-3oo freighter converted to opulence. However, the media outlets weren’t even close when suggesting the costs.
Drake Buys a 767-200F
When the video was released on social media, it was everywhere. CNN picked up the story for one and put together some overlays to tell the story, few that were accurate.
Some outlets reported the jet purchase at $80-100 million up to $220 million, none of which clarified if the price was in US Dollars or Canadian Dollars. While I will focus on how absurd the price is below, for a moment consider how limiting a jet that large would be. How many airports does that exclude, presumably the most isolated where someone with a private jet like that would want to go.
Why The Price Tag Is Absurd
In the CNN piece, they cite Boeing as stating the average sales price for a 767-300F. But that is incorrect for a few reasons.
- According to Simpleflying, the tail is a 22-year old 767-200, not a new 767-300 as was reported elsehwere.
- Airliner list prices are usually twice the net price most customers pay. Cargo customers like Drake’s partner, Cargojet, likely paid close to $110 million (USD) when they purchased the aircraft among others.
- The jet is used not new, therefore list prices aren’t relevant. If Drake were to buy a customized jet brand new, there would be no point to retrofitting a cargo jet.
- Used airliner prices are far less than the original list price. A 767-300ER (larger and more capable than Drake’s) is available for sale for just $11 million USD (prior to retrofit.) A 1986 767-200 is also for sale on the site though the price is not listed.
- Drake’s net worth is estimated between $100, $140 and $150 million. It seems unlikely he’d spend more on the aircraft than he is said to have in a mix of liquid and non-liquid assets.
An Interesting Choice
The above Youtube channel remarked that Drake’s purchase would be a serious departure from his climate change stance.
Other public figures that fly in private jets (like Leonardo DiCaprio) are accused of contradicting their cause not practicing carbon conservation themselves. Celebrities speaking for their cause like DiCaprio could defend themselves stating that it is more impactful for them to spread their message to affect change than the damage caused by a single flight.
Drake didn’t buy it for a speaking tour though, his first destination was Turks and Caicos.
Drake can buy whatever jet he likes, and frankly, I wish I could too. I find it a bit ostentatious that he has customized a 767 freighter for the purpose, but I am sure he has the friends to fill the jet and may take comfort that it is the larger brother to Trump’s personal 757. Still, bloggers are subject to commenters and fact-checking, journalists for major outlets should be held to the same standard.
What do you think? How much do you think Drake’s jet really cost? Was it well-deserved or ridiculous? If you could afford a 767, would you buy one too?
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