Embattled bank JPMorgan Chase, the recipient of $25 billion in TARP funds, is going ahead with a $138 million plan to buy two new luxury corporate jets and build “the premier corporate aircraft hangar on the eastern seaboard” to house them, ABC News reports.

The financial giant’s upgrade includes nearly $120 million for two Gulfstream 650 planes and $18 million for a lavish renovation of a hangar at the Westchester Airport outside New York City.

The Gulfstream 650’s are described by the manufacturer as the “fastest,” “widest” and “most comfortable” private jet ever with superior cabin amenities, an optional stateroom, and 12 interior designs to choose from.

The Terrafugia Transition, the first plausible “flying car” (or more precisely, a “roadable aircraft”), took its first official flight earlier this month.

The two-seat aircraft is able to fly 450 miles at over 115 miles per hour and is designed to transform from plane to car in less than 30 seconds.

The maiden voyage took place at the Plattsburgh International Airport in New York, with a retired U.S. Air Force Reserve colonel in the pilot’s seat. The flight followed six months of static, road, and taxi testing.

Royal Bank of Scotland cancelled a $45 million order for a luxury private jet that would have been used by its ousted chief executive and other executives if the bank had not needed a taxpayer bailout.

R.B.S. is majority-owned by the British government and is mired in a high profile row over a £16.6 million ($23.7 million), pension pot for the chief, Sir Fred Goodwin.

R.B.S. placed the order for the ultra-modern long-range Falcon 7X worth $45 million about five years ago, and the plane was due to be delivered this year.

Air Harrods, the high-end private aviation program run by the world famous London luxury depot, is partnering with Watkins Yacht Management to provide air and concierge support via helicopter and corporate jet to the superyacht set.

The two firms will provide a streamlined and ultra-stylish luxury travel experience for those embarking on a luxurious private ocean voyage.

Transfers to the yachts will now start at the owner, charterer or guests own front door. The seamless incorporation of limousines, flights and/or helicopter transfers to and from the vessels will be overseen by Harrods highly-trained staff.

Virgin Atlantic president Sir Richard Branson celebrated Virgin Atlantic’s 25th birthday this year by launching a new airline V Australia, and throwing an extravagant launch party in Hollywood’s Chateau Marmont on Sunset Boulevard in LA.

Branson has embarked on an eight-day journey around the world to mark the launch of the newest Virgin airline V Australia.

He started his trip by flying from London to Hong Kong and will travel to Sydney and Los Angeles before eventually returning to London.

Lufthansa is all set to pamper its billionaire clients with the state of the art Airbus A380 VIP Saloon.

Lufthansa Technik, the luxo-sport decorating and customization arm of the fabled German airliner lets you peek into the lavish offerings of this proposed VIP Saloon.

Via: Luxurylaunches