Spirit of $69.90=?

[thedaffodils]

"Douglas Corrigan was described as an aviator 'who flies by the seat of his pants' today by a mechanic who helped him rejuvinate the plane which airport men have now nicknamed the 'Spirit of $69.90'. The old flying expression of 'flies by the seat of his trousers' was explained by Larry Conner, means going aloft without instruments, radio or other such luxuries."

Hi! What does "Spirit of $69.90" refer to? Thanks!

Here's the URL link if you have to need more context.

Fly by the seat of one's pants

[learning3nglish]

Actually I have no idea but I suppose it has to do something with the budget. Maybe he tried to spend as little money as possible?

[Kraken]

Hello mate.

I think the plane was a wreck, and resembling the name "Spirit of St. Louis", they named it "Spirit of $69.90" as a mock of its value.

"He had previously had a plan for a trans-Atlantic flight rejected (presumably on the grounds that the 'Spirit of $69.60 wasn't considered up to the job)".

But, as you may know by now, I'm not a teacher.