Earlier this week, Rick Ross revealed via his Instagram account, @richforever, that he had purchased a new toy. That toy was a private jet. As you can see in the photo below, the jet was freshly painted black with his name – stylized as "Rick Ro$$" – emblazoned across the body in giant gold letters. For reasons we'll explain in a moment, a bunch of people online got the impression that Rick spent $5 BILLION on his private jet. You'd think this would be obviously not true or possible, and yet here we are. Here's what's going on:
Rick Ross bought a 2012 Gulfstream G550, registration number N676AS. Public records show this plane was originally acquired by Wells Fargo in 2013. It may have even been commissioned by Wells Fargo. Wells Fargo sold the plane in June 2017 to an LLC called TVPX ARS INC. Rick Ross purchased the jet from that bland LLC for an unknown amount in April of this year through his Florida-based company Maybach Air LLC.
Why Do People Think He Spent $5 Billion?
Along with several photos, like the one above, in his Instagram post Rick included the following video:
At around the 30 second mark, Rick points up at a logo painted on the plane's tail and says:
"That's a $5 billion play."
I don't know what that means, but he is certainly not saying "That's a $5 billion plane," as some people misinterpreted.
How Much Does A 2012 Gulfstream Cost?
The price of a 2012 Gulfstream G550 can vary depending on a number of factors, including the aircraft's condition, airframe and engine hours, maintenance records, and overall market conditions. However, as of June 14, 2023, the average price for a 2012 Gulfstream G550 is $18,940,000. The price range for a 2012 Gulfstream G550 is between $14.5 million and $40 million.
Here are some examples of recent sales of 2012 Gulfstream G550s:
- A 2012 Gulfstream G550 with 2,800 hours on the airframe and engine sold for $19.5 million in April 2023.***This might be Rick's purchase***
- A 2012 Gulfstream G550 with 3,500 hours on the airframe and engine sold for $18 million in May 2023.
- A 2012 Gulfstream G550 with 4,000 hours on the airframe and engine sold for $16 million in June 2023.
Let's assume that first bullet point is Rick's purchase. That still does not actually mean Rick paid $19.5 million for his jet upfront, all at once. Much like a home purchase, people acquire private jets by putting 10-20% down then financing the remaining amount. Assuming Rick put down 10%, call it $2 million, and financed the remainder at 5%, his monthly mortgage to own this jet would be $184,150.
Then there are operating costs. A Gulfstream G550 typically costs $4,000 per hour to operate. If he flies his jet 40 hours per month, 480 hours per year, that would equate to $2 million per year, which is $166,000 per month.
When you include the mortgage and maintenance fees, under this scenario Rick's total costs to own and operate his private jet would be around $400,000, just ball parking.
Can Rick afford that?
We currently estimate Rick Ross' net worth to be $65 million. And that's his overall net worth (assets minus liabilities). Thanks to a growing business empire, Rick earns significant monthly income. The Rick Ross business empire now includes:
- Maybach Music Group: A record label that has signed artists such as Wale, Meek Mill, Gunplay, French Montana and Omarion.
- MMG Clothing: Ross has his own clothing line, MMG Clothing, which sells apparel, accessories, and footwear.
- Rick Ross' Wingstop: Ross has a partnership with Wingstop, a popular chicken wing restaurant chain. He owns several Wingstop franchises and has also helped to develop new menu items.
- Belaire: Ross is the co-owner of Belaire, a luxury champagne brand.
