With a multitude of incredible planes, the name Gulfstream has almost become synonymous with "private jet."

And this year, the latest plane out of the Gulfstream stable should start to make its way into customer hands. Called the G650, it looks to be an incredible piece of flying kit.

With a range of 7,000 nautical miles (about 8,100 regular miles) and a top speed of Mach 0.925, it will fly faster and travel further than any other business jet on the market.

The G650 will be built at Gulfstream's Savannah, GA plant.

Gulfstream started the G650 project in 2005 and revealed it to the world in 2008.

Testing hasn't been totally trouble free. The second test plane built crashed on April 2, 2011 after takeoff.

Source: AV Web

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HP may be laying off 27,000 employees. That hasn't stopped execs from flying around in a fleet of seven private corporate jets.

CEO Meg Whitman has gotten a lot of praise for tearing down the barbed wire surrounding the "executive" parking lot and moving execs from cushy offices to ordinary cubbies.  But we hear employees are still grumbling about this significant travel perk bestowed on the top brass from earlier, cushier days.

HP PR explained to Business Insider that the fleet of jets are necessary:

HP owns a number of aircraft that are used by our executives. We operate in more than 170 countries around the world and it’s important that our teams be able to reach customers efficiently and securely no matter where they are.

Although we have not been able to confirm exactly how much HP spends on its fleet of jets, one source estimated that it's about $30 million annually. That could be a high estimate but there's no doubt that managing seven planes is a big operation.  HP owns three planes and leases four, sources close to the company confirmed.

In December 2010, Professional Pilot magazine profiled HP's fleet of 7 Gulfstream V planes. Executives used the planes for trips ike a quick two-day trip to South America; 7-day, 4-stop flights to Europe; weeklong launches to Asia; and round-the-world trips with 10 to 13 legs, Professional Pilot reported.

HP's aviation group reportedly employed a bunch of people: 17 pilots, 9 maintenance technicians, 4 flight attendants, and 4 people to manage schedules.

Here's a thought for Whitman: If you are really looking to cut HP's expenses, why not get rid of a few planes?

Are you an HP employee with insight to share? We want to hear it. We are discreet. jbort@businessinsider.com or @Julie188 on Twitter.

Don't Miss: How To Buy A Private Jet Without The PR Nightmare >

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Once considered a secure and reliable investment, used private jets are nosediving — and we don't mean literally.

According to a New York Post article, used private jets' values have plummeted almost 50 percent because of a lack of demand.

“Private jets had always held their values better than almost any asset class in the past decade, losing only about 2 percent a year,” Dan Jennings told the Post. Jennings is the CEO of The Private Jet Company, an aircraft broker. “The bottom has fallen out for pre-owned jets and the bargain rush is on.”

Now, used private jet owners looking to sell or trade in are trying to garner buyers' interest by selling their aircrafts at heavily discounted prices. 

Jennings told the Post that foreign buyers — many from Brazil, Russia, India and China — are snatching up the price-chopped private jets.

“Foreign buyers are flocking here and snapping up bargains they never could have afforded just a couple of years ago,” Jennings said to the Post.

Surprisingly enough, there is still a high demand for new private jets. Gulfstream CEO Jay Johnson told the Post that the company currently has $50 billion worth of its 550 and 650 models on backlog.

Obviously, new jets aren't as cheap. Gulfstream's 650 model could cost you at least $62 million.

But hey, go big or go home.

Now, check out these private jets that rich and famous people own >

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When it comes to private jets, Gulfstream is the king of the hill. With the G650, set to hit the skies in the next few months, it is looking to cement its number one position.

With a $64.5 million price tag, the G650 will come with all the technological and luxury bells and whistles anyone would expect.

Depite a test flight crash in April 2011 that killed four, the G650 is in full production: Gulfstream expects to deliver 17 aircraft by the end of 2012.

Few seem bothered by past troubles: The New York Post reported in 2011 that Oprah Winfrey, Warren Buffet, and Ralph Lauren all want one. Gulfstream will not reveal the names of buyers, but verified that it has received more than 200 orders for the private jet.

The G650 will fly at Mach .925, nearly the speed of sound.

With a range of more than 8,000 miles, it can fly from Dubai to New York without landing.

It has room for eight passengers and a crew of four.

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In 2011, Wall Street lost one of its greatest to brain cancer, billionaire private equity investor Teddy Forstmann.

And while Forstmann was a huge public figure — he was a philanthropist who also owned IMG, the biggest sports and modeling talent agency in the world — a lot of his life was quite private.

On the private side of things was the Gulfstream V (G V) jet he got after buying, turning around, and then selling the Gulfstream in the 1990s.

The February issue of Vanity Fair has a long profile of Forstmann's last days told by a man who spent many of them with him — Rich Cohen, the ghostwriter working on Forstmann's biography. Forstmann loved to travel, so Cohen ended up spending a lot of time on the Gulfstream going from New York City to Paris, London and beyond.

Here's what it was like:

We met at a heliport on the west Side of Manhattan. Teddy's driver carried his bags across the concrete. I followed behind with my own, battered valise, climbing into the passenger cabin of the helicopter as Teddy gave the signal and up we went....

Soon the helicopter set us down on a runway at the Morristown Municipal Airport in New Jersey. Teddy's plane was waiting, its turbines already spinning, its crew standing in starched uniforms, its jet bridge ascending to technological heaven as the tycoon and his ghost made their way across the tarmac...

Teddy's plan was all command center: deep leather chairs, financial journals, and flat-screens. There was a bed, but it was hidden away, disguised...

We landed in Paris as the sun was going down. the city was gold and blue and strung with lights. When you are rich, you do not stand in line to show your passport. Instead, after the G V rolled to a stop, scotch glasses clinking in the tray beside the single malts, a customs official came aboard, greeted us in her beautiful language, gave our documents the once-over, sad, Oui Oui Monsieur Forstmann, and bid us adieu as we moved on to the car, then off through the moody twilit streets.

Pretty boss, right?

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Flying privately is the ultimate luxury, especially when compared with the typical in-flight experience on today’s cash-strapped airlines.

Given the cramped middle seats and lukewarm mystery chicken most of us contend with, the idea of tucking into pork belly and microgreens on Pickard China (the same brand that the Obamas use), and then sinking into a plush leather chair with a cashmere throw seems almost unfair—even if the experience costs upward of $1,600 an hour.

Jump ahead to see the jets >

Yes, thanks to modern design advances, private flying is now more comfortable than ever before. Today’s jet-setters can enjoy the almost unimaginable pleasures of communal in-flight dining areas (set with fine silver and crystal), full-size pullout beds and bathrooms with modern shower stalls.

High-tech amenities in private jet cabins range from the entertaining (iPod docking stations and plasma TVs) to the practical—in-flight Wi-Fi, fax machines and international phones. Pilots and flight attendants, too, are handpicked and expertly trained, and put the smile back in service.

But when sensitive business is involved, many travelers say jetting privately only makes sense. Though exclusive trips come at a serious premium, the time saved (by not having to check in luggage, wait in security lines or work around an airline’s flight schedule) is considerable.

Where commercial planes have access to 450 airports in the United States, private jets can deliver passengers to more than 5,000.

The appeal—sometimes necessity—of private flying applies to a range of business travelers. “It’s a no-brainer, especially to inconvenient destinations,” says Lisa DeSimone, who works for an East Coast–based insurance company.

“What would take me six hours and a connection on a commercial flight is a direct 90 minutes on a private plane.” Notes comedian Dan Nainan, “I’ve been in situations where I wouldn’t have been able to do two shows in one day because of commercial flight schedules—so I ended up making more money by flying private.”

The many creative options these days for private-jet usage make flying privately a reality for many who thought it out of their reach. While fractional aircraft ownerships (pioneered by NetJets in 1986) still have a firm footing in the marketplace, today’s private jet companies are offering travelers new flexible solutions like hourly jet cards (prepaid cards sold in 15- or 25-hour increments) and pay-as-you-fly models.

Many private jet companies own or have access to a number of aircraft, so stellar service—ranging from fine onboard amenities to personalized bookings—ties the best of these owners, charter companies and brokers together.

For a rundown of our favorite private jets—and the companies that offer them—read on.

See the private jets >

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Piaggio Avanti P180

The ride: While the Italian P180 isn’t new—the aircraft was first introduced to the market in 1990—this twin-engine turboprop, ideal for domestic flights, continues to be in high demand.

Its performance and efficiency allows it to land on short airstrips where larger private jets are banned, while still including a relatively spacious 14-foot main cabin with nine fully reclining leather seats. It’s faster than many midsize jets and 40 percent more fuel efficient than its direct competitors.

Book it with… Avantair, Inc. (avantair.com) has a fleet of 56 Piaggio Avanti aircraft and a management team made up of trained pilots. Along with selling fractional ownership, the company leases planes in 50-hour increments and sells 15-, 25- and 50-hour jet cards.

Bombardier Learjet 85

The ride: The first business jet designed with both wings and fuselage made primarily of carbon composites (allowing for enlarged cabin volume), the Learjet 85’s 24-foot main cabin is packed with haute touches like LED lighting, bathrooms with glass sinks and illuminated mirrors, a kitchen with a microwave oven—and servers to prepare your food in it. Seats fully recline into beds, ideal for longer hauls.

Book it with… Flexjet (flexjet.com), the first private jet company to offer fractional shares on the Learjet 85, has 85 planes in its collection of aircraft, all made by century-old parent company Bombardier. In addition to fractional shares, Flexjet has a 25-hour jet card program, operated by U.S. air carrier Jet Solutions.

Boeing VIP 757

The ride: Of the 5,000-plus jets available for charter in the U.S., there are only a handful of VIP airliners. These large Boeings, MDs and Airbuses are completely customized: private rooms with king-size beds, marble bathrooms with double vanities and showers, mahogany tables set with crystal and china, and a staff of attentive servers.

Fliers feel like they’re staying in a friend’s upscale penthouse—one where everything has passed rigorous flammability tests.

Book it with… Private Jet Services Group (pjsgroup.com), one of just a few charter companies to offer VIP airliners in its inventory (more than 5,000 aircraft). Staff members—paired one to one with clients—are also trained flight attendants, so the same person who makes a traveler’s reservation by phone serves the cocktails en route.

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Phil Mickelson led the U.S. Open after the first round with a 3-under par 67. That feat was even more impressive when you consider that Mickelson was in California the night before.

After some practice rounds earlier in the week, Mickelson returned to California for his daughter's eighth-grade graduation. Then, on Wednesday night he took a cross-country red-eye flight to get back to Merion Golf Course just hours before teeing off.

But while his opening round was impressive no matter how he got back to Pennsylvania, it wasn't like Phil was waiting in security lines and riding coach.

Mickelson actually owns a Gulfstream V, which retailed for close to $40 million. That's quite a pricetag for somebody that has made $70.4 million playing on the PGA Tour.

On the next few pages we'll take a look at what these jets are like inside.

The GV is no longer in production, however, according to Aircraft Bluebook it would have retailed for $37-43 million

Here is a typical floorplan for a GV

The aircraft can seat up to 19

For more than two years, there's been speculation about who is lining up for the Gulfstream G650, the new private jet that has quickly become one of the most impressive aircraft in the skies today.

In 2011, the New York Post reported Oprah Winfrey, Warren Buffet, and Ralph Lauren were all lining up to drop $65 million on the jet.

But for those who are just looking to get on the list now, the next available plane won't be delivered until 2017 — and there's no way to jump the line, Gulfstream says.

"You are not allowed to sell your position," communications head Steve Cass said in an interview at the Paris Air Show.

Customers sign a contract that includes a non-assignability clause, he explained. Of course, you are allowed to sell the G650 once you take delivery, but "if we get any indication that you sold, or were conspiring to sell the aircraft beforehand, we will take remedy to that," Cass said. "We do not want speculators in the marketplace."

Obviously, a $65 million jet draws some very wealthy and high-profile customers. But "everyone's treated exactly the same," Cass noted.

The G650 has become a hot topic among wealthy jetsetters, but Cass argued that the plane is actually "not a status symbol" for celebrities, noting that the vast majority of its 200 plus orders are from corporations, not wealthy individuals.

"Matter of fact, most of the time people don’t want it to be known that they’re flying around in it," he said. "When you look at most of these airplanes, they’re very nondescript. You don’t see a lot of big company logos or anything on them, because they want to maintain their privacy. It’s also for security reasons as well.”

Whoever is buying it, it's easy to see why the G650 is so coveted: It's the largest purpose built business jet on the planet. It flies higher and faster than commercial aircraft, and comes with top of the line technology that keeps the interior quiet and comfortable.

Current owners include "Lord of the Rings" director Sir Peter Jackson, according to Stuff.co.nz, as well as Steve Wynn, Walmart, and Exxon Mobil, according to Aviation International News.

SEE ALSO: 27 Awesome Moments From The 2013 Paris Air Show

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We saw a lot of remarkable planes at the Paris Air Show last month, but one new jet really stood out: the Gulfstream G650.

At $65 million, it's the biggest, fastest, and overall best private jet money can buy.

It also takes a lot of patience to get your hands on one — order now, and you'll get your G650 in 2017.

But once you're on board, you can fly around the planet faster and higher than on any commercial jet, in a cabin flooded with natural light and filled with air that is actually richer than what you breathe in cheaper planes.

With the G650, Gulfstream "established a new market segment for the whole industry," communications head Steve Cass said in an interview at the Paris Air Show. And there won't be any real competitors until 2016/2017, when Bombardier's Global 7000/8000 is scheduled to go into service.

Until then,the G650 will remain the gold standard, and it's easy to see why.

The G650 is the largest purpose-built private jet on the market, and has the tallest, longest, and widest cabin in its class.

At its maximum takeoff weight, it can climb to 41,000 feet (above bad weather and crowded commercial jet routes) in just 22 minutes.

Its range is more than 8,000 miles. Flying from London at near its top speed, it can reach New York and Beijing. At a slower, more fuel-efficient rate, it can get to Buenos Aires and Los Angeles.

The Gulfstream G650 is the biggest and best private jet $65 million can buy.

It's also the fastest certified civilian aircraft, reaching an average speed of 568.5 miles per hour. 

To prove it, Gulfstream took the G650 on a record-setting flight, circling the globe in just 41 hours, 7 minutes.

That's the fastest time for a westbound flight to circle the globe in a non-supersonic aircraft. 

The National Aeronautic Association (NAA) and the Fédération Aéronautique Internationale recognized the record in September.  

Gulfstream's president Larry Flynn called it a momentous occasion for business aviation, showing off both the speed and range of the G650.

“The aircraft performed flawlessly," pilot-in-command Tom Horne said in a Gulfstream press release. 

Covering 20,310 nautical miles, the G650 started and ended its around-the-world flight in San Diego, with stops in Guam, Dubai and Cape Verde. Five pilots shared the journey. 

The G650 was checked and had its engine oil serviced before taking off.

Here's the crew on the around-the-world flight (from left): Tom Horne, Bud Ball, Erick Parker, Ross Oetjen and John McGrath.

Pilots Ross Oetjen (left) and Tom Horne (right) took off from San Diego's Brown Field Municipal Airport and headed for Guam.

The age of house flipping may have faded. But the super rich have found a new path to instant profits: flipping their megajets.

Demand for the biggest, most expensive Gulfstream jet—the G650—is so strong that owners have started flipping them to other buyers. In some deals, the sellers are pulling in profits of between $5 million and $7 million per flip.

Billionaire Bernie Ecclestone, the Formula One tycoon, recently flipped his G650 to an Asian businessman for $72 million—at least $6 million more than his purchase price, according to people familiar with the deal. The transaction, first reported by BizjetBlogger, came just weeks after Ecclestone received the plane from Gulfstream. (Ecclestone couldn't be reached for comment, but BizjetBlogger said the plane was too large for some of Ecclestone's favorite airports).

(Read more: What rich men want in a woman)

Jet brokers and consultants said at least two other buyers have flipped their G650s recently for more than $70 million. At least two other deals are in the works, they said. One of these is an American billionaire negotiating with a buyer in Asia. The other deals involved billionaires in Russia, Latin America and the Middle East.

The flips highlight the strong demand for large-cabin planes—the biggest, most expensive private jets—at a time when the rest of the private jet market is still languishing. Business jet deliveries are still down more than 30 percent from their peak in 2008, and prices for some planes have fallen by more than half, brokers say.

But large-cabin planes are a hot commodity among billionaires and global companies. With their long range and ample cabins, they can carry more passengers over longer distances and in greater comfort. The G650, with a base price of $64.5 million, is the king of the large-cabin private jets, with a range of well over 7,000 miles and a maximum speed of Mach 0.925.

The G650 also is very scarce. Only around 30 to 35 have been delivered since its launch last year, according to brokers.

Still, the jet has become the must have plane for the world's billionaires, withRalph Lauren and Oprah Winfrey both lining up for one. Demand is so strong that a buyer signing a contract today won't get their G650 until the third quarter of 2017. That's why many buyers are willing to pay more than $70 million to get their planes today.

(Read more: Just your average Joe billionaire)

"These are billionaires who are willing to pay a premium to avoid the wait," said Philip Rushton, founder of Aviatrade, an aviation consulting and brokerage firm.

The deals are a double-edged sword for Gulfstream. While they highlight the strong demand and value of its aircraft, they also show that customers are now making millions off of its product. The company said that it is "not privy to the details" of any flips, "if customers are, in fact, getting a premium for the aircraft, it's a testament to the amazing capabilities of the G650."

The real problem for Gulfstream is clients trying to sell their planes before they are delivered. Gulfstream said that "Customers cannot sell the aircraft before they've physically taken delivery of it. This prevents speculation, which isn't good for the market."

The company has a "non-assignability" clause in its contracts, meaning the ownership can't be reassigned after a contract is signed.

(Read more: Here are 10 ways yachts are going high tech)

Some customers tried to get around the clause by buying the plane under the name of a newly created aviation company. They would then sell the company to a new buyer, essentially transferring ownership of the plane through the company sale. Brokers said Gulfstream caught on to the game and is now requiring the signer of the contract to be involved in the final delivery.

"They're really doing their best to deter this," said Jay Duckson of Central Business Jets.

SEE ALSO: Tour the $65 Million Gulfstream G650

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Piaggio Avanti P180

The ride: While the Italian P180 isn’t new—the aircraft was first introduced to the market in 1990—this twin-engine turboprop, ideal for domestic flights, continues to be in high demand.

Its performance and efficiency allows it to land on short airstrips where larger private jets are banned, while still including a relatively spacious 14-foot main cabin with nine fully reclining leather seats. It’s faster than many midsize jets and 40 percent more fuel efficient than its direct competitors.

Book it with… Avantair, Inc. (avantair.com) has a fleet of 56 Piaggio Avanti aircraft and a management team made up of trained pilots. Along with selling fractional ownership, the company leases planes in 50-hour increments and sells 15-, 25- and 50-hour jet cards.

Bombardier Learjet 85

The ride: The first business jet designed with both wings and fuselage made primarily of carbon composites (allowing for enlarged cabin volume), the Learjet 85’s 24-foot main cabin is packed with haute touches like LED lighting, bathrooms with glass sinks and illuminated mirrors, a kitchen with a microwave oven—and servers to prepare your food in it. Seats fully recline into beds, ideal for longer hauls.

Book it with… Flexjet (flexjet.com), the first private jet company to offer fractional shares on the Learjet 85, has 85 planes in its collection of aircraft, all made by century-old parent company Bombardier. In addition to fractional shares, Flexjet has a 25-hour jet card program, operated by U.S. air carrier Jet Solutions.

Boeing VIP 757

The ride: Of the 5,000-plus jets available for charter in the U.S., there are only a handful of VIP airliners. These large Boeings, MDs and Airbuses are completely customized: private rooms with king-size beds, marble bathrooms with double vanities and showers, mahogany tables set with crystal and china, and a staff of attentive servers.

Fliers feel like they’re staying in a friend’s upscale penthouse—one where everything has passed rigorous flammability tests.

Book it with… Private Jet Services Group (pjsgroup.com), one of just a few charter companies to offer VIP airliners in its inventory (more than 5,000 aircraft). Staff members—paired one to one with clients—are also trained flight attendants, so the same person who makes a traveler’s reservation by phone serves the cocktails en route.

Yes, private jets are swanky. But if you can spend less money to get an equally luxurious experience in first or business class, why not fly with an airline?

A quick search turns up one-way first class flights from New York to Los Angeles for around $1,000.

The same flight with private jet charter company JetSuite costs over $4,500 per passenger.

That's a lot of money to justify for the added luxury of having no one else around. 

To find out what the real benefits to flying private are, we spoke with Steve Cass, Vice President of Communications at private jet maker Gulfstream.

It all comes down to saving time, which means saving money.

Less Time On The Ground

It starts on the way to the airport. Small jets don't need the huge runways and staffs offered by major airports, so they can fly out of smaller spots.

There are many more minor airports than major ones, so you often don't have to travel as far to get to one. And they're less congested, making the experience more pleasant.

You don't have to deal with the TSA or long check-in lines, so you can you arrive at airport minutes, not hours, in advance. That's time, money, and aggravation saved. And when you get off, your bags are thrown right into your car, so there's no time spent at the baggage carousel.

Plus, you fly when you want. Flying commercial, Cass said, "we adjust our schedule to meet the needs of the airline." In the sphere of private aviation, it's the other way around.

A Faster Trip

Private flights aren't tied to the same hub and spoke networks used by airlines, so if your plane has enough fuel capacity to reach your destination, you'll go direct. "That saves a huge amount of time," Cass said.

Private jets are usually designed to climb faster than airliners, so they're above crummy weather sooner. They usually fly faster, too.

Commercial jets cruise around 35,000 feet, smaller jets typically fly higher. That puts them above the traffic, so their routes are more direct — they don't compete with bigger planes for space. The extra flexibility lets the jets capture better winds and avoid adverse weather, too.

Privacy In the Air To Get Work Done

On top of moving faster and wasting less time, it's easier to get work done in the air when you're alone. Even in first or business class, Cass pointed out, it's risky to have confidential conversations, because you don't know who may be around.

He also directed us to a 2009 survey by the National Business Aviation Association. Respondents rated themselves as 20% more productive while on company aircraft than in the office. Their counterparts flying commercial reported a 40% drop in productivity.

So the next time you wonder why companies spend tens of millions to buy their own jets instead of putting employees on commercial fights, know that it's not about creature comforts. It's about saving time and money.

SEE ALSO: Here's Why Extreme Cold Is Disastrous For Air Travel

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The newest, fastest, longest-range Gulfstream jet, the $64.5 million G650, entered service in late 2012. It has proven a hit in the marketplace, but that means a long wait for buyers — as long as four years from purchase to delivery.

This high demand has led to quick turnaround purchases on the secondary market. About three dozen of the jets have been delivered so far, and several new owners have already sold their jets, at a profit of up to $6 million.

And while many owners are private individuals and corporations, several charter providers have added the G650 to their fleets, either as wholly owned aircraft or as managed aircraft whose owners allow the plane to be chartered.

Million Air Dallas, at Addison Airport, was the first charter operator to add a G650 to its fleet, which it did last summer. AVjet, based in Burbank, Calif., now has two G650s, and a third is expected to arrive soon.

The all-new jet, freshly designed from the bottom up, can fly for more than 8,000 miles, for nonstop flights from New York to Dubai or London to Buenos Aires. Cruise speed tops out at 610 mph (Mach 0.925). Besides the globe-hopping performance, the roomy, amenity-rich cabin is a main attraction. The cabin can accommodate as many as 18 passengers in handcrafted leather seats, with plenty of legroom to recline or take a nap.

Amenities include extra-high air pressure to ease jet lag, polished wood tables and trim, extra-large oval windows, and all the latest plugged-in technology to ensure that all that time en route is used productively. The jet is driven by powerful Rolls-Royce BR725 engines. The cockpit is equipped with all the latest technology, including synthetic vision, 3-D weather radar, and an LCD head-up display.

Bombardier has a jet in the works that will compete with the G650 — the Global 7000 — but it is not expected to enter service until 2016. Cessna says its next version of the Citation X, which is expected to start deliveries this year, will be faster, at 617 mph (Mach 0.935), but the cabin will be much smaller—just 25 feet long, while the G650’s stretches almost 47 feet.

For now, the G650 remains the largest and most capable business jet on the market. And for those potential owners waiting for theirs to be delivered, options for chartering it are growing.

The following operators are among those offering the G650 for charter: Million Air Dallas, in Dallas, Texas; AVjet, in Burbank, Calif., Jet Aviation, in Van Nuys, Calif., Jet Edge, in Van Nuys, Calif., Priester Aviation, in New York, N.Y., and ExecuJet, in Europe.

SEE ALSO: Tour The Gulfstream G650, The Best Private Jet $65 Million Can Buy

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Nike co-founder Phil Knight recently spent $7.6 million on a 29,000-square-foot private jet hangar at Hillsboro Airport near Portland, Ore. reports the Portland Business Journal. 

According to the Journal, the new hangar will be for Knight's personal use and will house his new Gulfstream G650 jet (registration N1KE). While the new hangar is under construction, the $65 million jet is parked at Nike Inc.'s adjacent corporate jet hangar, where the company's executives have access to Knight's personal jet along with two other Nike-owned jets.

In fact, the philanthropic mogul and 44th wealthiest man in the world, with an estimated fortune valued at $19.2 billion, has even been known to allow company employees to hitch rides on his private jet. 

The Gulfstream G650, made famous by Far East Movement's chart-topping 2010 hit "Like a G6," is world's fastest private jet. With the a maximum range of over 8,000 miles and room for 18 passengers in its fully customizable cabin, the G650 is coveted by corporate executives around the world.While the $7.6 million hangar and luxury jet are certainly extravagant, Knight and his family are far from showy. The self-made billionaire and his wife Penny have support various charitable and academic institutions to the tune of $1 billion. The most famous recipient of Knight's charitable giving is his beloved University of Oregon, whose signature duck feather design adorns the wings of his newest jet. 

SEE ALSO: A Chinese Man Smashed His Brand New Model S To Protest 'Tesla's Arrogance'

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Jony Ive, Apple's senior vice president of design, has been flying in style.

According to a recent Businessweek interview with Apple CEO Tim Cook, Ive currently owns a 15-seat Gulfstream jet, a private jet that used to be owned by the late Apple cofounder Steve Jobs.

Ive purchased the Gulfstream from Laurene Powell Jobs "at a discount," according to Businessweek, and even helped Jobs design the interior.

Ive reportedly told a friend jokingly that “At least I don’t have to redesign anything.”

Ive isn't the only Apple executive to own a private jet. Beats CEO Dr. Dre, who joined Apple's team in May, was recently pictured flying in his own private jet with artist Gwen Stefani, the two traveling together on their way to Apple's iPhone 6 and Apple Watch announcement.

If you're interested in learning more about Apple, Jony Ive, and Steve Jobs, you can read Businessweek's entire interview with Tim Cook here. 

SEE ALSO: Apple's HealthKit Is Broken Just Hours Before iOS 8 Is Expected To Arrive

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Which is more valuable? Time or money? As it turns out, if you can save one, you can save the other.

Private jets are a way to make that win-win happen.

Sure, private jets are swanky. But if you can spend less money to get an equally luxurious experience in first or business class, why not fly with an airline?

A quick search turns up one-way first class flights from New York to Los Angeles for about $1,000.

The same flight with private jet charter company JetSuite costs over $4,500 per passenger.

That's a lot of money to justify for the added luxury of having no one else around. 

To find out what the real benefits to flying private are, we spoke with Steve Cass, vice president of communications at private jet maker Gulfstream.

It all comes down to saving time, which means saving money.

Less Time On The Ground

It starts on the way to the airport. Small jets don't need the huge runways and staffs offered by major airports, so they can fly out of smaller spots.

There are many more minor airports than major ones, so you often don't have to travel as far to get to one. And they're less congested, making the experience more pleasant.

You don't have to deal with the TSA or long check-in lines, so you can you arrive at airport minutes, not hours, in advance. That's time, money, and aggravation saved. And when you get off, your bags are thrown right into your car, so there's no time spent at the baggage carousel.

Plus, you fly when you want. Flying commercial, Cass said, "we adjust our schedule to meet the needs of the airline." In the sphere of private aviation, it's the other way around.

A Faster Trip

Private flights aren't tied to the same hub and spoke networks used by airlines, so if your plane has enough fuel capacity to reach your destination, you'll go direct. "That saves a huge amount of time," Cass said.

Private jets are usually designed to climb faster than airliners, so they're above crummy weather sooner. They usually fly faster, too.

Commercial jets cruise around 35,000 feet; smaller jets typically fly higher. That puts them above the traffic, so their routes are more direct — they don't compete with bigger planes for space. The extra flexibility lets the jets capture better winds and avoid adverse weather, too.

Privacy In the Air To Get Work Done

On top of moving faster and wasting less time, it's easier to get work done in the air when you're alone. Even in first or business class, Cass pointed out, it's risky to have confidential conversations, because you don't know who may be around.

He also directed us to a 2009 survey by the National Business Aviation Association. Respondents rated themselves as 20% more productive while on company aircraft than in the office. Their counterparts flying commercial reported a 40% drop in productivity.

So the next time you wonder why companies spend tens of millions to buy their own jets instead of putting employees on commercial fights, know that it's not about creature comforts. It's about saving time and money.

[An earlier version of this post was written by Alex Davies.]

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At $65 million, the Gulfstream G650 is the biggest, fastest, and overall best private jet money can buy.

It also takes a lot of patience to get your hands on one. If you want one, you'll have to wait years for delivery after you place an order.

But once you're on board, you can fly around the planet faster and higher than on any commercial jet, in a cabin flooded with natural light and filled with air that is actually richer than what you breathe in cheaper planes.

With the G650, Gulfstream "established a new market segment for the whole industry," communications head Steve Cass said in an interview at the 2013 Paris Air Show. And there won't be any real competitors until 2016/2017, when Bombardier's Global 7000/8000 is scheduled to go into service.

Until then,the G650 will remain the gold standard, and it's easy to see why.

[An earlier version of this post was written by Alex Davies.]

The G650 is the largest purpose-built private jet on the market, and has the tallest, longest, and widest cabin in its class.

At its maximum takeoff weight, it can climb to 41,000 feet (above bad weather and crowded commercial jet routes) in just 22 minutes.

Its range is more than 8,000 miles. Flying from London at near its top speed, it can reach New York and Beijing. At a slower, more fuel-efficient rate, it can get to Buenos Aires and Los Angeles.

Washington (AFP) - Gulfstream Aerospace Corporation on Tuesday unveiled two new business jets and announced orders were lining up from Flexjet and Qatar Airways.

The two all-new aircraft -- dubbed Gulfstream G500 and G600 -- optimize speed, have spacious cabins and are equipped with advanced flight decks, said the Savannah, Georgia-based company, a wholly owned subsidiary of General Dynamics.

According to Gulfstream, the G500 can fly long distances at high speed, including from New York to Geneva at 685 miles (1102 kilometers) per hour.

The larger G600 can fly further, the company said, including a potential non-stop flight from Los Angeles to London at 685 miles per hour, or from Los Angeles to Shanghai at 647 miles per hour.

Both will be able to carry up to 19 passengers, with multiple living spaces.

The first flight of the G500 is scheduled for 2015. Gulfstream estimated it will receive type certification from the US Federal Aviation Administration and European Aviation Safety Agency in 2017 and begin deliveries in 2018.

The G600 will follow about 12 to 18 months behind, entering service in 2019, the company said.

Flexjet, a provider of fractional aircraft ownership services, is the launch customer for the two jets. Flexjet signed an order Tuesday for up to 50 Gulfstream aircraft, including the existing G450 as well as the new G500 and G650, Gulfstream said.

A separate agreement with Qatar Airways includes the purchase of up to 20 aircraft, with orders for the G500 and G650ER, an extended-range version whose first delivery is expected in 2015.

Gulfstream did not provide details on the number of specific airplanes or the financial terms involved in the Flexjet and Qatar Airways agreements.

Shares in parent General Dynamics, a US aerospace and defense company based in northern Virginia near Washington, rose 0.5 percent to $118.89 in afternoon trade on the New York Stock Exchange.

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SEE ALSO: Tour The Gulfstream G650, The Best Private Jet $65 Million Can Buy

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Gulfstream Aerospace introduced two all-new business jets in mid-October in a surprise ceremony at its production plant in Savannah, Ga. The Gulfstream G500 and G600 jets aim to provide speed and operating efficiency, plus wide-cabin comfort. Both airplanes can cruise as fast as an impressive Mach 0.90 (or about 680 mph), with a maximum range of a little more than 5,700 miles for the G500 and about 7,100 miles for the G600. 

The cabins in both aircraft will measure more than 7.5 feet wide and more than 6 feet high, with space for as many as 18 passengers. The G500 has three living areas and the G600 adds the option of a crew rest area or a fourth living area. Both cabins feature Gulfstream’s signature big oval windows for plenty of natural light, and a suite of features to help combat fatigue: 100 percent fresh air, industry-leading low noise levels, and a cabin altitude of just 4,850 feet. The flight deck is updated with active control side sticks, 10 integrated touchscreens, and a digital fly-by-wire system to promote stability.

Gulfstream has already built two new production facilities for the jets at its campus in Savannah. The $43.5 million G500 is expected to enter service in 2018, with the $54.5 million G600 to follow a year later.

SEE ALSO: Tour The Gulfstream G650, The Best Private Jet $65 Million Can Buy

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