Jim MacDonald wrote:
$9mil for a plane that still needs to have 20% of its restoration done plus assembly? Doesn't seem to be particularly smart investment. If I had it, I think I'd be more inclined to buy a small cheaper group of Warbirds, SNJ, TBM, FM-2 & SBD(?).
Mac
I don't think that is an unreasonable price, as it's certainly "in the ballpark". The last time a flyable B-17 sold, which was last year, it went for 10.5 Million. That aircraft was a "common" G model and an older restoration and not at all on this level. Keep in mind, that this B-17 project, once completed, will be an extremely rare "E" model, none of which fly today. Additionally, it has been restored to the highest standards and would have been the most authentic, accurate B-17 flying had Allen finished it. With all of this in mind, I don't think 9 Million is unreasonable, even if it needs another 1 to 2 Million for completion. Remember, the B-17 is getting rarer and rarer by the minute. Just a few years ago, there were 13 B-17's flyable worldwide. Now there are only 8, with others likely to be grounded in the future for various reasons. Any B-17, including this one, will only go up in value from this point forward, particularly if it is restored and kept in airworthy condition.
I believe it's way overpriced, considering the amount of work necessary to complete what will be an experimental category B-17. And also a gamble. B-17's are only worth the 6 - 8 Million price tag if there is either a) a deep pocket owner willing to fly it, or 2) a FAA ride program to operate it under. Without these, they become very expensive museum exhibits, nowhere near the asking price.
My guess is that the price is set to recover the investment in it, which should give you a clue as to how much additional cash it will take to complete.
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