Oscar-winning director and plane enthusiast Sir Peter Jackson has upgraded his private jet to a Gulfstream G550, which is capable of flying non-stop from New Zealand to Los Angeles.

The plane is considered the epitome of luxury, and comes with a hefty price-tag of $68 million.

Yet despite shelling out a small fortune for the G550, it is believed Jackson cannot fly home in it.

Due to a lack of hangar space at Wellington Airport, the plane will be stored three hours away in Melbourne.

The G550 replaced Jackson's older Gulfstream IV, which would refuel in the Pacific Islands or Hawaii due to its shorter range.

Aviation is one of Jackson's many passions.

He owns a plane construction company The Vintage Aviator and was part-way through the filming of a feature on World War II Dambusters.

He already owned 29 World War I and replica planes, though only half of them were capable of flight.

His newest aircraft typically seated between 12 and 16 passengers in separate living areas.

The seating can be converted to beds for five or six passengers. Capable of flying 12,500km without a fuel stop, the G550 has the longest flight range in its class.