Turkish scrap dealer turns $1.8K Boeing 747 into $57K asset

Ertan Çoğul, a scrap dealer in Bursa (a city in Northwestern Turkey), purchased a 22-tonne Boeing 747 for TRY 80,000 (USD 1.8 thousand) after a municipal project to turn the aircraft into an aeroplane cafe was cancelled. Today, the plane’s estimated scrap value has risen to approx TRY 2.5 million (USD 57.2 thousand).

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Çoğul has been operating in the scrap industry in Bursa since 1988, and bought the aircraft in 2017. The plane was originally transported from Istanbul during the term of Mayor Recep Altepe. However, after the mayor resigned, the project was shelved, and the craft was sold to the recycling sector.

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Because of its size, the aircraft was dismantled into seven sections to allow road transportation. At the time of purchase, scrap aluminium was priced between TRY 3 and 3.5 per kilogram (USD 0.7 to 0.8). With the significant rise in aluminium prices and inflation over the years, he now estimates its value at around TRY 2.5 million (USD 57.2 thousand).

He searched for a suitable 15-20-acre plot along the Uludağ road but was unable to secure appropriate land. As a result, the project was abandoned. Despite this, the aircraft continues to attract attention. Passersby frequently stop to take photographs, and even a few airline pilots have visited out of curiosity. 

The unusual sight has earned Çoğul the nickname “the scrap dealer with an aeroplane.” Although the plane has remained in his yard for nearly a decade, Çoğul says he would feel sentimental if it were sold. For now, he is waiting for a potential buyer while enjoying the distinction of being the only scrap dealer in Bursa to own a Boeing 747.

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