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Two Boeing 747 jumbo jet sold on website owned by Alibaba

Wow so now airplanes are being sold on websites now!!!!
And not just any planes but Boeing 747 aka "Jumbo Jet"

Two jumbo jets sold for $48 million on a Chinese auction website on Tuesday. 

The Intermediate People's Court of Shenzhen City auctioned the pair of 747-400 jets on Taobao, a website owned by e-commerce giant Alibaba. 

[Image: BBFvqe4.img?h=546&w=728&m=6&q=60&o=f&l=f&x=444&y=311]

The planes were originally owned by Jade Cargo International, a Chinese cargo company, according to Xinhua News Agency. But the company filed for bankruptcy in 2013. The court had tried auctioning the jets offline six times since 2015, according to the news agency, but couldn't find any buyers. 

The court found success online, though. 

Quote:Online auctions are a good way to handle the property of bankrupt firms

Long Guangwei, the court's vice president, told Xinhua. 

The winning bid went to the Chinese cargo carrier SF Airlines, who paid 320 million yuan, or about $48 million for the two planes. There was also a third Boeing 747 for sale, but only one buyer registered for the auction, so no deal was reached, the agency reported.
Has ecommerce gone too far???
Isn't 24 million dollar for this plane a little too cheap!? A new 747 costs at least 100 million
(11-27-2017, 02:46 PM) tsupra Wrote: Isn't 24 million dollar for this plane a little too cheap!? A new 747 costs at least 100 million

It's hard to say how good of a deal it is without knowing the details because you can also buy 747 for like 9 million

A lot goes in to determining the value of a plane and some 747s that could still be airworthy are barely worth more than their scrap value. Like this 747-400 freighter is "only" 9 million but is likely close to the end of its useful life.

Plus those 747s were sitting for two years. I would imagine they are going to need extensive overhaul to be able to fly again. Or they are being sold for parts.
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