From the Wiki:
The current helicopters have aging airframes, having entered service with HMX-1 in 1962. VH-3D replaced some VH-3A in 1978, and the remainder of VH-3A were replaced by VH-60N beginning in 1989. Due to the age of the VH-3D, a replacement type is in development, with initial operational capability due by 2008 and full operational capability by no later than 2014.
The selected replacement is the British-Italian AgustaWestland AW101, produced by Lockheed Martin under license as the US101, with the military designation VH-71 Kestrel.
The replacement cost of the fleet was estimated at $6.1 billion when contracts were signed in 2005. However, as of March 2008 the cost of the new 28 helicopter fleet is projected to be $11.2 billion, or roughly $400 million per helicopter. That is greater than the inflation adjusted amount paid for the Boeing 747s that serve as Air Force One.
And some people b*tch and moan about the F-22 costing $100 million. I'd rather have four new fighters than one helicopter.
Thanks for the good feed back: “That is greater than the inflation adjusted amount paid for the Boeing 747s that serve as Air Force One.” I think that John touched on that yesterday. That is amazing.