File:Spirit of Freedom balloon - Smithsonian Air and Space Museum - 2012-05-15 (7271321396).jpg

The gondola of the "Spirit of Freedom" balloon (also known as the "Bud Lite Spirit of Freedom") hanging off the Main Hall in the Smithsonian Air and Space Museum in Washington, D.C.

Steve Fossett was an American businessman who made a fortune as a commodities trader, and later renting his spot on the Chicago Futures Exchange and the New York Stock Exchange to others.

Fossett was a thrill-seeker. He himself was an accomplished aircraft pilot, and an endurance mountain climber, swimmer, and skier. Beginning in 1994, he skippered several craft that set speed sailing world records. He also set numerous world records in distance flying, speed flying, and glider flying.

Because he trained at high altitudes, Fossett often did not need a pressurized gondola for his ballooning -- meaning less weight, and faster flight times. In 1995, Fossett became the first person to make a solo flight across the Pacific Ocean in a balloon.

Fossett tried six times over seven years to become the first person to circumnavigate the globe via balloon. His first attempt in January 1996 began in South Dakota and ended in New Brunswick, Canada. The second attempt in January 1997 began in St. Louis. He used too much fuel crossing the Atlantic, and then was stopped at the Libyan border. Realizing he didn't have enough fuel to cross the Pacific, he crash-landed in India. Nonetheless, the second trip set records for duration of flight and distance of flight. His third attempt (also launched from St. Louis) in January 1998 landed him in Russia after equipment failures. His fourth attempt began in Argentina in August 1998, but ended after his balloon ruptured during intense storms over the Coral Sea. His balloon plummetted five miles into the ocean. He waited three days to be rescued (which cost the Australian government $500,000). His fifth attempt began in Australia in 2001. It cost him $1.25 million of his own money, but failed when his balloon encountered turbulence over the Andes and his lost fuel and gas.

In 2002, Fossett became the first person to fly around the world solo, nonstop, in any kind of aircraft. The 10-story high Spirit of Freedom left Northam, Western Australia, on June 19, 2002, and returned to Australia on July 3, 2002, landing in Queensland. The trip took 13 days, 8 hours, 33 minutes. Unfortunately, the balloon dragged him along the ground for 20 minutes at the end of the flight! Only the destruction of the balloon allowed him to escape the capsule.

The trip set a number of records: Fastest (200 miles per hour), fastest around the world (13.5 days), longest distance flown solo (20,482.26 miles), and longest 24-hour bistance (3,186.80 miles).

Fossett actually made money on the attempt. Bud Lite beer financed his endeavor. He also bought an insurance policy that paid him $3 million if he succeeded.