Lots of well off people still purchase things via loans. Also various net worth estimations online place him between $1M to $1.5M. That's not the kind of money

Lots of well off people still purchase things via loans. Also various net worth estimations online place him between $1M to $1.5M. That's not the kind of money where you automatically just pay cash for something that might be $50k to $100K, especially when net worth at that level is often (not always) tied up in a primary residence. There's no certainty here. And regardless, insurance is required on private aircraft, owned or loaned.