 It was developed in seven years for $240 million.The first production model, owned by golfer Arnold Palmer, set time to altitude aircraft records of 12 min 1 s to 12,000 m (39,350 ft), and 23 min 43 s to 15,000 m (49,200 ft), and an airspeed record from Gander Airport to Paris le Bourget in 5 h 13 min, averaging 429 kn.Production continued for nine years until 1992, with a total of 202 Citation IIIs being built.