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.
If you are considering booking travel or signing up for a new credit card please click here. Both support LiveAndLetsFly.com.
If you haven’t followed us on Facebook or Instagram, add us today.
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.
But did Drake buy his plane at all? Survey says “no.” In fact, he reached an agreement with a Canadian company to refit “Air Drake” and essentially offer this Boeing 767 jet for free. This isn’t the first private Boeing wide-body with a living room to be refitted, but it may be the first to be given to a celebrity for publicity alone. I can’t recall seeing this from any operator let alone any Canadian airline (cargo.)
To be absolutely clear, he didn’t pay $200 million, he didn’t pay $100 million, he likely just pay for the gas as he advertises the company all over the world.
Conclusion
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?
I thought that price tag was ridiculous myself. Plus, he has a partner so who know how much Drake is actually paying. He’s the Cargojet Ambassador, so they may even be paying him.
Who?
Fitting the interior, unless he wants 180 seats or so already on the plane, will be very expensive.
If he is the Cargojet Ambassador, he should keep the plane in that livery. If not, then consider what trademarks are not owned. Maybe Ansett Australia? Compass (Australia), Wardair Canada, McClain, Ozark, Wien Air Alaska, VASP?
If I had $150M in net worth, I wouldn’t buy a 767-200ER.
The interior is already done……look at the you tube video.
For a musician that tours as much as Drake, a large jet like this is actually kind of a no brainer. Unlike a smaller aircraft, the cargo hold on a 762 is large enough to carry most, if not all, of the equipment needed for touring, as well as transport the entourage that he’s likely to have on a tour.
Given that he’s touring pretty much constantly, the appeal of owning vs chartering becomes clearer too. Especially if one considers that, when he eventually done with touring, the airframe will still have significant value.
I’d say this was probably a sound a business choice.
A friend of mine speculated the same. I remain unconvinced.
Smartest most well thought out comment on this thread .. kudos to you ..
Seems like certain people earn a lot of money and don’t know how to manage it!
You turned that plane into a Jimmy Hendrick’s volkswagen bus from the 70’s with all gold interior. Please . You are so materialistic. That goes with the saying “money don’t make me” “I make money”. well you showed the world DRAKE what you are after. How much? 200 Million dollars for a plane? do you have your gold rope on and your giant diamond ring to show the world that you have lots of money?
Lmao. This guy is cheesed that he doesn’t have much and must be all that Drake didn’t earn his money or deserve it.
Siasem somebro buy plane you dey envy
Lol you find it ostentatious because you can’t buy one. Let him do as he pleases. He earned it. I think you’re right about cost though.
If you guys did your research properly, you would know that he was given this jet for free. The company believes they will get back in advertisements and exposure. Again I will say he did not pay a penny for this airplane he was given.
@John Stamos – First of all, I’m a huge fan.
Second, that’s not been officially verified though it was suspected. The point of the post was that CNN and others suggested the plane was between $140-220MM and I speculated that if he paid anything for it, it would have been far, far less. But you already know that, because you read the post.
«767 man, i still have scores to settle man» Drake only did this to spite Kanye and Kim since they have a 747. It all goes back to «Infrared».
Love the comment. I believe “Kimye” rented that 747.
I just searched through the web about Drake’s plane and it’s price tag and, being a huge Drake’s fan myself I find that ridiculous that people believe it cost 220m! I’ve reached the same conclusions as you did (how can he pay 220m for a plane while having a total of about 150m net worth?)
anyways, I think you right. 🙂