James Stephen Fossett (April 22, 1944 – c. September 3, 2007) was an American businessman, aviator, sailor, and adventurer and the first person to fly solo nonstop around the world in a balloon. He made his fortune in the financial services industry, and was best known for many world records, including five nonstop circumnavigations of the Earth: as a long-distance solo balloonist, as a sailor, and as a solo flight fixed-wing aircraft pilot.
A fellow of the Royal Geographical Society and the Explorers Club, Fossett set 116 records in five different sports, 60 of which still stood as of June 2007.
On September 3, 2007, Fossett was reported missing after the plane he was flying over the Nevada desert failed to return. Despite a month of searches by the Civil Air Patrol (CAP) and others, Fossett could not be found, and the search by CAP was called off on October 2, 2007. Privately funded and privately directed search efforts continued but, after a request from Fossett's wife, he was declared legally dead on February 15, 2008.
On September 29, 2008, a hiker found Fossett's identification cards in the Sierra Nevada Mountains in California, and the crash site was discovered a few days later. On November 3, 2008, tests conducted on two bones recovered about 750 feet from the site of the crash produced a match to Fossett's DNA.
Early years
Fossett was born in Jackson, Tennessee but he grew up in Garden Grove, California.
Fossett's interest in adventure began early. As a Boy Scout, he grew up climbing the mountains of California, beginning with the San Jacinto Mountains. "When I was 12 years old I climbed my first mountain, and I just kept going, taking on more diverse and grander projects." Fossett said that he did not have a natural gift for athletics or team sports, so he focused on activities that required persistence and endurance. His father, an Eagle Scout, encouraged Fossett to pursue these types of adventures and encouraged him to become involved with the Boy Scouts early. At age 13, Fossett earned the Boy Scouts' highest rank of Eagle Scout and was a Vigil Honor member of the Order of the Arrow, the Boy Scouts' honor society, where he served as lodge chief. He also worked as a Ranger at Philmont Scout Ranch in New Mexico during the summer of 1961. Fossett said in 2006 that Scouting was the most important activity of his youth.
In college at Stanford University, Fossett was already known as an adventurer; his Sigma Alpha Epsilon fraternity brothers convinced him to swim to Alcatraz and raise a banner that read "Beat Cal" on the wall of the prison, closed two years previously. (He made the swim, but was thwarted by a security guard when he arrived.) Fossett held various leadership positions at Stanford, including serving in student government and serving as President of a few clubs. In 1966, Fossett graduated from Stanford with a degree in economics. Fossett spent the following summer in Europe climbing mountains and swimming the Dardanelles.
Business career
In 1968, Fossett received an MBA from the Olin School of Business at Washington University in St. Louis, Missouri, where he was later a longtime member of the Board of Trustees. Fossett's first job out of business school was with IBM; he then served as a consultant for Deloitte and Touche, and later accepted a job with Marshall Field's. Fossett later said, "For the first five years of my business career, I was distracted by being in computer systems, and then I became interested in financial markets. That's where I thrived."
Fossett then became a successful commodities salesman in Chicago, first for Merrill Lynch in 1973, where he proved a highly successful producer of commission revenue for himself and that firm. He began working in 1976 for Drexel Burnham, which assigned him one of its memberships on the Chicago Board of Trade and permitted him to market the services of the firm from a phone on the floor of that exchange. In 1980, Fossett began the process that eventually produced his enduring prosperity: renting exchange memberships to would-be floor traders, first on the Chicago Board Options Exchange.
After 15 years of working for other companies, Fossett founded his own firms, Marathon Securities and Lakota Trading, from which he made millions renting exchange memberships. He founded Lakota Trading for that purpose in 1980. In the early 1980s, he founded Marathon Securities and extended that successful formula to memberships on the New York stock exchanges. He earned millions renting floor trading privileges (exchange memberships) to hopeful new floor traders, who would also pay clearing fees to Fossett's clearing firms in proportion to the trading activity of those renting the memberships. In 1997, the trading volume of its rented memberships was larger than any other clearing firm on the Chicago exchange. Lakota Trading replicated that same business plan on many exchanges in the United States and also in London. Fossett would later use those revenues to finance his adventures. Fossett said, "As a floor trader, I was very aggressive and worked hard. Those same traits help me in adventure sports."
Fossett said he did not participate in any of the "interesting things" he had done in college during his time in exchange-related activities: "There was a period of time where I wasn't doing anything except working for a living. I became very frustrated with that and finally made up my mind to start getting back into things." He began to take six weeks a year off to spend time on sports and eventually moved to Beaver Creek, Colorado, in 1990, where for a time he ran his business from a distance. Fossett later sold most of his business interests, although he maintained an office in Chicago until 2006.
Personal life
Fossett was married to Peggy Fossett (Viehland), originally from Richmond Heights, Missouri, in 1968. They had no children. The Fossetts had homes in Beaver Creek, Colorado, and Chicago and a vacation home in Carmel, California.
Fossett became well-known in the United Kingdom for his friendship with billionaire Richard Branson, who financed some of Fossett's adventures.
Records
Overview
Steve Fossett was well known for his world records and adventures in balloons, sailboats, gliders, and powered aircraft. He was an aviator of exceptional breadth of experience, from his quest to become the first person to achieve a solo balloon flight around the world (finally succeeding on his sixth attempt, in 2002) to setting, with co-pilot Terry Delore, 10 of the 21 Glider Open records, including the first 2,000 km Out-and-Return, the first 1,500 km Triangle and the longest Straight Distance flights. His achievements as a jet pilot in a Cessna Citation X include records for U.S. Transcontinental, Australia Transcontinental, and Round-the-World westbound non-supersonic flights. Prior to Fossett's aviation records, no pilot had held world records in more than one class of aircraft; Fossett held them in four classes.
In 2005, Fossett made the first solo nonstop and unrefueled circumnavigation of the world in 67 hours in the Virgin Atlantic GlobalFlyer, a single-engine jet aircraft.
In 2006, he again circumnavigated the globe nonstop and unrefueled in 76 hours, 45 minutes in the GlobalFlyer , setting the record for the longest flight by any aircraft in history with a distance of 25,766 statute miles (41,467 km).
He set 91 aviation world records ratified by Fédération Aéronautique Internationale , of which 36 stand, plus 23 sailing world records ratified by the World Sailing Speed Record Council.
On August 29, 2006 he set the world altitude record for gliders over El Calafate, Argentina at 50,722 feet (15,460 m).
Balloon pilot
On February 21, 1995, Fossett landed in Leader, Saskatchewan, Canada, after taking off from South Korea, becoming the first person to make a solo flight across the Pacific Ocean in a balloon.
In 2002, he became the first person to fly around the world alone, nonstop, in a balloon. He launched the 10-story high balloon Spirit of Freedom from Northam, Western Australia, on June 19, 2002 and returned to Australia on July 3, 2002, subsequently landing in Queensland, Australia. Duration and distance of this solo balloon flight was 13 days, 8 hours, 33 minutes (14 days 19 hours 50 minutes to landing), 20,626.48 statute miles (33,195.10 km). The balloon dragged him along the ground for 20 minutes at the end of the flight. The control center for the mission was Brookings Hall at Washington University in St. Louis, Missouri. Fossett's top speed during the flight was 186 miles per hour (299 km/h) over the Indian Ocean. Only the capsule survived the landing; it was taken to the Smithsonian Institution in Washington, DC, where it was displayed. The trip set a number of records for ballooning: Fastest (200 miles per hour/322 km, breaking his own previous record of 166 miles per hour/270 km), Fastest Around the World (13.5 days), Longest Distance Flown Solo in a Balloon (20,482.26 miles), and 24-Hour Balloon Distance (3,186.80 miles on July 1).
While Fossett had financed five previous tries himself, his successful record-setting flight was sponsored by Bud Light. In the end, Fossett actually made money on all his balloon flights; he bought a contingency insurance policy for $500,000 that would pay him $3 million if he succeeded in the flight, and along with sponsorship, that payout meant that in the end, Fossett did not have to spend any of his money other than for initial expenses.
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