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The US DOJ is seizing Roman Abramovich's Boeing 787, a rare private jet worth $350 million. See inside examples of one of the largest private aircraft in the world.

Private aviation thrived in 2020 despite it being the worst time to travel in the modern era - here's a look at its wild year

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Kestrel Aviation Management</span></p></div><p></p></div></div>Imagine if you owned a 2,400 sq. ft. luxury home with the ability to fly you and 39 of your closest friends to anywhere you want in less than 17 hours?</p><p>Next month, China's HNA Aviation Group will take delivery of a brand new Boeing 787-8 private jet. As configured, the 787 BBJ has a range of almost 9,800 miles even when packed with 40 passengers, luggage, and fuel. </p><p>With a flying time of about 17 hours, the plane can reach virtually any destination on Earth, Kestrel Aviation Management CEO Stephen Vella told Business Insider.</p><p>From start to finish, aviation consulting firm, <a href="http://kestrelaviation.com/" target="_blank">Kestrel Aviation Management </a>oversaw the creation of this 787. </p><p>Although several 787s have been converted from passengers service to private use, the is the first Dreamliner to be built specifically as a Boeing Business Jet, Vella said.</p><p>It's the 143rd Dreamliner to roll out of Boeing's factory and first flew in December 2013. The plane was delivered to Kestrel in January of 2014. </p><p>Since no one had done a true Boeing 787 private jet before, Kestral along with partners Pierrejean Design Studios and Greenpoint Technologies had to design and engineer the interior of the aircraft from scratch. In fact, the interior took a year to engineer as well as another year and a half to fabricate and install, Vella said. </p><p>Kestrel and Boeing have released the final cost of the 787 private jet. But a standard passenger-ferrying 787-8 carries a list price of $224.6 million. </p><p>Here's a closer look at the the first Boeing 787-8 BBJ. </p>

This Boeing private jet is a flying luxury home

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Kestrel Aviation Management</span></p><p class="caption">Boeing 787-8 BBJ.</p></div><p></p></div></div>In July, China's HNA Aviation Group will welcome a shiny new Boeing 787-8 Dreamliner to its fleet. </p><p>This plane is special because it is the first 787 Dreamliner to be built purely as a private jet.</p><p><a href="http://www.businessinsider.com/boeing-787-dreamliner-private-jet-kestrel-2016-6" target="_blank">HNA's new Dreamliner </a> is symbolic of a hot new trend in private and corporate aviation - long-range, mid-size, wide-body airliners.</p><p>"It's an emerging market that didn't really exist in the past," Kestrel Aviation Management CEO Stephen Vella told Business Insider. Kestrel oversaw the design, engineering, and fabrication of HNA's new Dreamliner which has an estimated total cost topping $300 million.</p><p>Airbus and Boeing have long offered versions of its airliners to private customers under their Airbus Corporate Jet and Boeing Business Jet programs. However, buyers of these airliner-based private jets have long gravitated to either four-engine, jumbo jets like the Boeing 747 or smaller, narrow-body jets such as the Airbus A320.</p><p>"The market is traditionally separated into two buckets," Vella said. "The big Boeing 747s and Airbus A340s primarily catered to heads of state while the smaller Airbus A320 and Boeing 737s are popular corporate runabouts as well as secondary planes in government fleets."</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Kestrel Aviation Management</span></p><p class="caption">Boeing 787-8 BBJ interior.</p></div><p></p></div></div>Although twin-engine, mid-size, wide-body jets such as the Boeing 767 and the Airbus A330 have long been available, they never quite caught on with the private jet crowd.</p><p>However, in recently years, ultra high-end private jet customers have become increasingly interested in the new generation mid-size, wide-body planes such as the Dreamliner and Airbus A350.</p><h3><strong>What's changed?</strong></h3><p>According to Vella, several factors led to the shift. </p><p>First, leading business men and heads of state are generally pressed for time. As a result, they prefer be to able to fly anywhere they need to go non-stop. Until recently, this simply wasn't possible in a twin-engined jet. The traditional thinking in the aviation dictates that there's safety in the number of engines a plane has.</p><p>Regulating bodies such as the US Federal Aviation Administration have even placed limits on which ultra-long-range intercontinental routes twin-engine jets can fly. As a result, government and corporate clients looking for a plane which the range and capability to go anywhere in the world had to turn to four-engined jumbos.</p><p>However, with the incredible reliability of modern turbofan engines, the regulatory limitations on twin-engined jets have essentially been wiped out. Now, planes such as the A350 and the 787 can fly anywhere the owner requires, but in a slightly smaller and more affordable package. For instance, HNA's new state-of-the-art composite Boeing has a range of 9,800 miles even when packed with passengers, luggage, and fuel. A similarly outfitted A350 ACJ will be able to delivery that type performance as well. </p><p>"You can fly between virtually any two points on the globe," Vella said of the Dreamliner.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>REUTERS/Jason Le</span></p><p class="caption">Japanese government Boeing 747-400.</p></div><p></p></div></div>Secondly, the price of crude oil has fallen dramatically over the past two years. Even though cheaper fuel makes buying and operating a thirsty, four-engined, jumbo jet much more attractive, low crude prices have also cut dramatically into the income of Middle Eastern governments. Unfortunately for the 747 BBJ, they are also some of the plane's biggest customers.</p><p>According to Vella, all major Middle Eastern governments such as Saudi Arabia, operate large royal fleets, many of which are jumbo jets, for elite members of the ruling family and officials to use.</p><p>Over the next decade or so, these fleets with need to be updated. Vella, whose company has bought and sold more than $50 billion worth of commercial and private jets, believes the Middle Eastern clientele are ready to do some belt-tightening and downsize to smaller planes.</p><p>Finally, another factor that has benefited the Dreamliner-sized jet is the increasing public sensitivity towards political largess. Unlike the US, where the plane that operates as Air Force One is held in high esteem and seen as a symbol of national power, the public in many countries view a large presidential aircraft as a sign of political over indulgence.</p><p>According to Vella, this is a particularly sensitive issue in Europe. However, a smaller aircraft with the performance capabilities of a jumbo, but in a less attention-getting package is a reasonable alternative.</p><p>"The mid-size jets have less ramp presence," Vella said. "They offer the owner much more discretion."</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Kestrel Aviation Management</span></p><p class="caption">Kestrel CEO Stephen Vella inside the Boeing 787-8 BBJ.</p></div><p></p></div></div>After all, it's hard to arrive discretely in a jumbo jet no matter where you go. Even at the world's busiest international airports, an aircraft the size of a 747 or Airbus A380 is conspicuous.</p><p>But all of this requires some perspective. Even the "smaller" 787 BBJ is still an absolutely massive aircraft. At 186 ft. long, even <a href="http://www.businessinsider.com/donald-trump-boeing-757-airliner-trump-force-one-2016-6" target="_blank">Donald Trump's converted Boeing 757 </a>is dwarfed by the new Dreamliner. And with 2,400 sq. ft. of living space, it offers the same amount of room as an average American suburban home.</p><h3><strong>What's coming</strong></h3><p>According to the long-time aviation executive, over the next 15-20 years, demand from just the Middle East for Boeing 787-sized private jets will top 30 aircraft. That may not sound like many planes, but at more than $300 million a pop, that's about $10 billion in business from just a handful of customers.</p><p>In fact, Vella believes demand from East Asia will be just as intense over that period of time.</p><p>"Because of the high number of long distance and (trans-oceanic) flights the customers make, these are the perfect planes for Asia," Vella added.</p><p>Whether the market for these mid-size, twin-engine wide-body private jets actually skyrockets remain to be seen. But with the unprecedented level of advanced technology, luxury, and performance it can offer, they are an undeniably attractive option for the right buyer.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/best-time-rent-apartment-us-cities-renthop-2016-6">The best and worst months to rent an apartment in major US cities</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="43ankyNDE66UsoZpyT_zFFRF7ttuSOdY" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

This $300 million airliner is the hottest new trend in private jets

<div id="ooyalaplayer" style="width: 800px; height: 450px;"></div><div style="display:none;" id="kalturavideoplaceholder">kalturavideoplaceholder</div><div><div><div class="g-ytsubscribe" data-channel="BusinessInsider" data-layout="full" data-count="default"></div></div></div><p class="embed-spacer"></p><p>Boeing 787 jets are no puny aircraft. These things haul hundreds of people for thousands of miles. So you can only imagine that this particular 787 that has been converted for <em>private use</em> is completely <a href="http://www.businessinsider.com/boeing-787-dreamliner-bbj-kestrel-private-jet-2016-6" target="_blank">shaking up the private jet world</a>. The jet's lavish interior was built by Kestrel Aviation Management and is being bought by HNA Aviation Group.&#xa0;</p><p><em>Produced by <a href="http://www.businessinsider.com/author/justin-gmoser" target="_blank">Justin Gmoser</a></em></p><p><strong>Follow BI Video: </strong><a href="https://twitter.com/BI_Video" target="_blank">On Twitter</a><em><br /></em></p><p>&#xa0;</p><p>&#xa0;</p>

This $300 Million Boeing 787 is unlike any private jet you have ever seen

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The US DOJ is seizing Roman Abramovich's Boeing 787, a rare private jet worth $350 million. See inside examples of one of the largest private aircraft in the world.

Taylor Rains

The US DOJ is seizing Roman Abramovich's Boeing 787, a rare private jet worth $350 million. See inside examples of one of the largest private aircraft in the world.

Taylor Rains

Private aviation thrived in 2020 despite it being the worst time to travel in the modern era - here's a look at its wild year

Thomas Pallini

This Boeing private jet is a flying luxury home

Benjamin Zhang

This $300 million airliner is the hottest new trend in private jets

Benjamin Zhang

This $300 Million Boeing 787 is unlike any private jet you have ever seen

Justin Gmoser

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