by Gabrielle DeSantis

Dallas Mavericks owner and Shark Tank judge Mark Cuban enjoys spending his billions. Like many celebrities, he’s charismatic, driven, and business-savvy. But sports teams and a Texas mansion aren’t his only notable acquisitions. Cuban also boasts an impressive collection of private aircraft in his hangar.

In fact, he holds a Guinness World Record for purchasing a private jet online in the ’90s.

How Mark Cuban made his billions

Cuban has a hefty net worth of upward of $4 billion. He made several smart and fruitful business choices that helped propel his wealth. His first big break came after he sold his software company in the 1980s, MicroSolutions. That deal made him $6 million.

But what really jettisoned him into billionaire status was when Yahoo purchased his internet radio company, Broadstream.com (formerly Audionet). In 1999, the company sold for $5.7 billion, and Cuban earned a cool $1 billion when he sold his shares.

Owning the NBA team the Dallas Mavericks is also a big part of his wealth and celebrity. Although he hasn’t sold the team, he bought it in 2000 for $285 million. Today, it’s estimated to be worth around $2 billion, making for a hefty potential return on his initial investment.

His world record-setting online purchase

In 1999, Cuban bought a Gulfstream V jet online for $40 million without even setting foot on the aircraft, Business Jet Traveler reports. But that’s not the only impressive part and not what made the news. What earned him the Guinness World Record was that the purchase was the largest single e-commerce transaction.

In fact, even with the rise of online buying and selling of all kinds of products, Cuban still holds that record to this day, Guinness World Records reports. 

The jet matches Cuban’s fast-paced lifestyle and allows him to zoom back and forth to his business and personal engagements. He told Business Jet Traveler that he fell in love with Gulfstream jets after he flew on a Gulfstream II in 1998. After that, he was hooked. He also took the advice of several pilots on what they thought would be the best private jet.

Owning private airplanes allows Cuban to be more connected to his businesses and his family because he never has to waste time waiting for and flying with commercial passenger airlines. It also saves him the additional cost of flying the Mavs around to their games.

Mark Cuban’s other private jets

One week after Hurricane Maria made landfall in Puerto Rico, Dallas Mavericks owner @mcuban loaned the team’s private jet to shuttle supplies to the U.S. territory. #GlobalThinkers2017 https://t.co/C8uZb6UaIZ

— Foreign Policy (@ForeignPolicy) December 11, 2017

After he bought the Gulfstream G550 in 1999, Cuban continued to build his airplane collection. His following purchase was a Boeing 757-200, which he still uses to transport himself and the entire Dallas Mavericks team. The 757 has a weight room, meeting areas, and spaces for medical treatments, Simple Flying reports. 

Cuban enjoys being close to the team and connected to their every move and game. He also defrays some operating costs by renting the aircraft out as a charter in the off-season. The 757 is the only plane Cuban rents out. His other aircraft are for his exclusive use.

Cuban also bought a Boeing 767-200 after that. The 98-seater was even more expensive and also used to ferry the Mavericks. It seems Cuban no longer owns the 767, though. Simple Flying notes the jet was sold to a company that deals in scrapping and breaking down airplanes for parts. Still, in the midst of the hyper-rich being so interested in space travel, Cuban’s airplanes are practical in comparison.

RELATED: Land Rover Helped Virgin’s Sir Richard Branson on His Space Flight

The post ‘Shark Tank’ Billionaire Mark Cuban Set a Guinness World Record for Buying a $40 Million Jet Online appeared first on MotorBiscuit.

by Gabrielle DeSantis

Earning over $400,000 annually is easy to dream about and difficult to obtain. For those of us in a more mainstream earnings bracket, it’s fun to fantasize about what kind of cars we would buy if we could make virtually any purchase we wish. According to statistics, if you earn over $400,000 these models might be your daily drivers. 

What cars do rich people buy? 

To most, earning over $400,000 a year means you’re rich. So what kind of cars do people with this annual income actually buy? According to a recent survey reported on by Investopedia, people that earn this much money do prefer luxury vehicles. They lean toward models like the Tesla Model S or the Lexus RX350. 

Then, if you go up to the over $500,000 annual income bracket the study shows that these car buyers often opt for the Ford F-150 pickup truck. They also buy Teslas and Lexus RX350 crossovers. But then there are some Land Rover models that are also popular among those who make more than $500,000 a year. 

“The Ford F-150 pickup truck, the Jeep Grand Cherokee, the Jeep Wrangler, the Honda Civic, the Honda Pilot and several Land Rover models are among the most highly-favored mainstream vehicles owned by the super-rich.”

Investopedia

Why don’t wealthy Americans make more extreme vehicle purchases? 

Tested: Lexus RX350 F Sport https://t.co/NpKO9CslyL via @newscomauHQ

— Richard Blackburn (@RTMBlackburn) January 4, 2021

The studies claim that in more recent years, automobiles in the luxury segment hold less prestige than they once did. Now, nearly anyone can own a luxury vehicle if they lease, buy the base model, or shop the used market. Additionally, wealthy people typically didn’t build that wealth by spontaneously buying every cool product they ever felt drawn to. Studies show that what cars rich people buy may not slot into the category of what they are capable of affording, but below it.

These days, even those that make more than most are buying used vehicles and then driving them to the end of their expected mileage and buying another used car. The moral of the story? Just because you can buy a wildly exclusive car doesn’t necessarily mean that you should––or that you do. 

Mainstream vehicles aren’t what they used to be

Once upon a time, luxury cars truly offered niceties and tech that the mainstream auto segment just didn’t have. These days, mainstream vehicles are genuinely great. They offer plenty in the way of options, tech features, and creature comforts. 

But they also carry higher price tags in upper trims. The Ford F-150 may have a work truck trim, but it can also cost near $100,000 when fully optioned out. So just because those with bigger bank accounts are buying autos from the mainstream segment doesn’t necessarily mean that they are spending less. 

While luxury cars certainly do feel more luxurious than their mainstream counterparts, there isn’t really an awful lot you can get in a luxury car that cannot also be found in the top trim of a mainstream option. Sure a Toyota Corolla is never going to be a Rolls Royce. But a fully loaded Chrysler Pacifica approaches land yacht status. So when it comes to what cars rich people buy all bets are off.

RELATED: Tesla Crushed Toyota in This Consumer Reports Satisfaction Feud

The post If You Earn over $400,000 These Models Might Be Your Daily Drivers appeared first on MotorBiscuit.