Rent-a-Jet Cachet

A clever new ownership scheme is making private jets more accessible to your average millionaire

I used to ride around with my grandfather in a horse and buggy," remembers Katherine Buffett, 93, of her childhood on a Nebraska farm. "Sometimes he would let me drive the horse myself." These days, when Mrs. Buffett hunkers down in her Hawker 1000 jet, the pilot does not offer her the reins. But he always gets her back home to Omaha on time.

Katie Buffett has joined a growing, albeit still elite, list of Americans who have opted out of the joys of flying with commercial airlines. She recently bought a share in a private plane because her favorite nephew...

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