Monday, August 29, 2016

Gulfream GVI (G650ER), LFG Aviation Inc. Trustee, N720LF: Frank Lowy joins Paul Little, Tim Roberts in Gulfstream 650 club

Frank Lowy's new Gulfstream 650ER. Grahame Hutchison


Well we promised two months ago that you'd know when we do. So here goes:

Westfield patriarch Frank Lowy has taken delivery of a brand spanking new private jet. His new Gulfstream 650ER touched down in Sydney on Friday afternoon. If someone warned us we could've organized a water cannon and confetti! 

Short of spending $250 million on a Boeing Dreamliner (as the Arabs do for sport), Gulfstream's extended range model (recommended retail price: $86 million) is the duck's guts of private flying. Unlike the 550 or Bombardier's Global Express, it can fly direct between Los Angeles and Australia's east coast (no stopping in Hawaii).

Which is exactly what Frank did last week, having overnighted on Wednesday in the City of Angels (presumably at son Peter's Beverly Hills compound). On Wednesday morning the new plane took off from Teterboro Airport in New Jersey, following the family's triumphant opening of Westfield at the new World Trade Centre in downtown Manhattan.

The Lowys have been buying and selling more planes of late than we've taken turboprops to Canberra. Last month, Westfield bought two Gulfstream 550s (a bargain at $66 million) – one based in LA for Peter and the other in Sydney for his brother and co-chief executive Steven. Frank's eldest brother (and budding rock star) David, uses a third 550 owned by the family's private office LFG. In June, Frank put his old 2006 Global Express on the market, with an asking price of $US19.8 million ($26.3 million). Yep, the Lowy hangars are now pure Gulfstream. It's like defecting from Ford to Holden – not a decision to be taken lightly.

Australia's other 650 owners are Melbourne billionaire Paul Little and LA-based Multiplex heir Tim Roberts, neither of whom would be seen dead refuelling in Honolulu.

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