Chicago Operators Start CaravanShares Frax

 - March 25, 2008, 7:01 AM

Cessna Caravan dealer J.A. Aero and charter/management company Planemasters at Chicago’s Dupage Airport have started selling shares in a Cessna Grand Caravan fractional aircraft ownership program called CaravanShares. The program is intended to serve owners needing to travel within a 500-mi radius of Chicago, but there is no limit to distance or even occupied hours, according to CaravanShares managing partner Rick Milburn. Owners will be entitled to reserve an aircraft up to 43 days per year for each one-eighth share purchased. A one-eighth share is priced at $228,500. Monthly management fee is $1,800 and the hourly occupied rate is $320. Six new Grand Caravans have been ordered, with the first scheduled to arrive in September, a spokesman said.