HILLSBORO, Ore. -- Phil Knight's portfolio has a new asset type: private jet hangar.
The Nike co-founder is building a $7.6 million hangar at Hillsboro Airport for his personal aircraft, a Gulfstream G650. Knight currently parks the jet in an adjacent hangar owned by Nike Inc.
The new 29,000-square-foot hangar is listed in public records as the Ochoco Private Hangar. It appears to be within a few months of completion.
The Port of Portland, which owns the land under the hangar, leased 133,317 square feet to Ochoco in September for 30 years. The lease has 15 years in options.
Ochoco paid $177,143 for the lease and will pay $53,327 in annual rent, which the port considers "fair market" terms.
Nike and Knight spokeswoman Del Hudson on Monday said the hangar is for Knight's personal use, not Nike business.
The Gulfstream G650, which is also known as the GVI, is the airplane-maker's top-of-the-line private jet. First available in 2013, it has a $64.5 million base price.
The aircraft is coveted among the super-rich and can travel 7,000 miles at speeds reaching Mach 0.925.
Knight appears to own the jet through Hum-Air Too LLC, a company he formed in 2013. Knight also appears to own a Gulfstream GV through Hum-Air LLC.
Knight ranked No. 43 on Fortune's most recent list of the world's wealthiest individuals with a fortune estimated at $19.1 billion. While the jet and the hangar are extravagances, Knight isn't known for flaunting his wealth like other billionaires who buy islands and yachts big enough for two helicopters.
Knight is more known for his philanthropy, including a recent $500 million pledge to Oregon Health & Science University for cancer research. He ranked No. 3 this year on the Chronicle of Philanthropy's annual list of the country's most generous donors. Knight and wife Penny have likely given more than $1 billion to various causes, including Stanford and the University of Oregon.
Nike executives appear to have the use of three jets, including Knight's Gulfstream G650.
In its most recent proxy statement, Nike said it operates and maintains Knight's jet and he makes it available to the company for business use at no charge. It also said Knight reimbursed the company $960,015 in the most recent annual reporting period for its maintenance of the aircraft.
In 2011 the Business Journal took advantage of the brief availability of flight records to track how Nike executives use corporate aircraft. At the time, Nike executives had access to three jets, including two Gulfstream GVs and a Dassault Falcon.
Records of private air travel are no longer available for public inspection.
Nike now directly owns a Gulfstream GV but no longer appears to have a Dassault Falcon.
The 2011 story in the Business Journal showed Nike used its jets between 2007 and 2010 to frequent business hotspots like New York City and Silicon Valley. It showed Nike executives spent an exhausting 4,600 hours on the jets in that time period, the equivalent of six months of consecutive flight time. Executives often boarded three flights in a single day as they sprinted around the globe to meet with suppliers, customers and bankers.
Knight seemed to most often fly to his homes in central Oregon and Southern California. Other favored destinations over the four-year period: Eugene (70 trips), Las Vegas and Los Angeles (13 trips each), State College, Penn., (12 trips), and Teterboro, N.J., across the Hudson River from New York City and its platoons of Wall Street investment bankers (nine trips).
A source familiar with Knight's travels said he often lets Nike employees tag along on his jet if their travel plans overlap. He's also known for leaving those employees standing on the tarmac if they don't board the aircraft by the scheduled departure time.
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