I can think of A LOT better things to do with that money!
 
ENGLAND (Reuters) — Virgin Group, owned by billionaire businessman and part-time daredevil Richard Branson, said Monday it was on track to launch the world's first tourist space flights in 2008 and has sold tickets to its first 150 passengers.

The commercial spaceline, called Virgin Galactic, said in a news conference at the Farnborough International Airshow near London that it had collected $15.6 million in deposits for the flights which cost $200,000 a ticket.

Virgin Galactic President Will Whitehorn told reporters that 300 potential passengers were going through a detailed reservation process while 60,000 had registered interest via the venture's website.

Former soap star Victoria Principal, designer Philippe Starck and a senior member of an unidentified British royal family have all bought tickets for the tentative sub-orbital flights.

"Everything is progressing on time and on budget. I think we will be pulling it out of the hanger next summer," Whitehorn told reporters.

The spacecraft to be used by Virgin is based on SpaceShipOne, which in 2004 won the $10 million Ansari X prize offered to the first private organization to launch a reusable manned spacecraft into space twice within two weeks.

Virgin is building five models of SpaceShipTwo, a larger version. Design work on the Virgin's SpaceShipTwo spacecraft was expected to be completed next year.

Bryan Singer, the director of hit film "Superman Returns," has also signed up for the flight.

Virgin may have been the inspiration for a scene in Singer's movie which features a sub-orbital spacecraft, though that vessel's maiden flight almost ends in disaster when an electrical failure sends it hurtling into a baseball stadium.

The craft is attached to a larger plane — White Knight Two — for take-off from the ground, and then detaches at 50,000 feet from the carrier aircraft before accelerating rapidly and entering sub-orbital space.

Virgin plans to initially launch the venture from the Mojave Desert near Los Angeles before moving to a permanent base in New Mexico in 2010.

Virgin and the state of New Mexico announced a new name for the launch base, Spaceport America, on Monday.

Virgin says customers will spend 15 minutes in space, including five minutes of weightlessness.

Branson has said he plans to be on the first commercial Virgin Atlantic flight along with his children and parents — including his 91-year-old father.

The venture has several competitors, including Space Adventures, a U.S.-based company that has already sent three space tourists on a Russian Soyuz rocket to the International Space Station for $20 million each.