Small public auto retailer LMP Automotive Holdings Inc. plans to sell the corporate jet it bought in the fall.
The Fort Lauderdale, Fla., retailer with eight franchised dealerships and four used-vehicle stores, and which said in February that it was exploring strategic options including a possible sale of the company, in a Wednesday regulatory filing said that it plans to sell its 2008 Gulfstream G200 aircraft for $6.7 million.
LMP said it entered into an agreement Tuesday to sell the plane to RRGS Holdings. The transaction is expected to close in the second quarter.
LMP executives did not immediately respond to requests for comment.
In October, LMP bought the plane for about $5.6 million. To pay for the jet, it signed a $3.2 million five-year note, and monthly payments of $32,435 were set to begin in December, guaranteed by LMP CEO Samer Tawfik, the company said then in a regulatory filing. LMP also received $2 million through a credit line from ST RXR Investments, a related company owned by Tawfik. That credit line was set to mature on Nov. 21, 2021, and required payment either on that date or on demand, according to the regulatory filing.
