It has been almost 10 years in the making. But today Richard Branson's long-awaited SpaceShipTwo, destined to fly passengers to space for a cool $250,000 (£150,000), crashed during a test flight. The catastrophic explosion is the latest disaster in a slew of delays and set-backs that have plagued the seemingly perpetual project. Branson announced his ambition to reach space in 2005, and immediately received  requests from celebrities - including Brad Pitt, Angelina Jolie, Justin Bieber and Katy Perry - wanting to nab a seat on the craft. The unprecedented venture was dubbed 'classic Branson', tying neatly with the Virgin boss's notorious penchant for taking risks and pushing limits, in everything from boats to hot air balloons. Scroll down for video . Risk-taker: The unprecedented venture was dubbed 'classic Branson', tying neatly with the Virgin boss's notorious penchant for taking risks. But it has been marred by delays and set-backs since 2005 . Catastrophic crash: Two pilots were on board, and authorities confirmed one was dead, with the second being taken to hospital in Lancaster with serious injuries aboard a helicopter (pictured) Record breaker: The adventurous Virgin boss started out with record speeds in boats and hot air balloons . In July 2008, Branson sparked a flurry of excitement as he predicted that the maiden space voyage would take place within 18 months. When the fateful month came around, October 2009, Virgin Galactic issued a statement to say initial flights for the Branson family would take place from Spaceport America 'within two years'. The declaration was followed by another on December 7, 2009: SpaceShipTwo was unveiled and Branson told his many ticket holders to prepare to fly in 2011. Come April 2011, Branson says that  flights will not begin for another 18 months due to 'delays'. Two years later, on April 29, 2013, SpaceShipTwo had its first test flight. However, it only achieved a speed of 920 mph - less than half the speed Branson predicted. Back to the drawing board, the notoriously bravado Virgin boss announces the first flight will take place just eight months later on Christmas Day 2013. The flight did not take place. In September 2014, Branson said the first flight was slated for February or March in 2015. Today, on October 31, 2014, the craft air tested a new kind of fuel: hydroxyl-terminated polybutadiene, a form of rubber, to a polyamide-based plastic. It crashed, killing one of the two pilots. Ambitious: Branson unveiled the mothership WhiteKnightTwo in 2008 (pictured) by uncorking champagne . 'Dream big': He said he was determined to make the impossible possible by flying into space with his family . In a tweet, Branson offered his condolences: 'Thoughts with all @virgingalactic & Scaled, thanks for all your messages of support. I'm flying to Mojave immediately to be with the team.' The set-back is a blow to his risk-taking reputation. Just yesterday he announced that Virgin Atlantic will become the first airline in Europe to put newly qualified pilots into the cockpit of a long-haul aircraft. The trainee pilots will be 'part of the Virgin family from day one', he explained. Applicants are simply required to have a minimum of five GCSEs or equivalent including maths, science and English. The move would have been shocking if it came from any other airline. But Branson started his career in the aviation industry on a whim - snapping up a second-hand 747 without even having flown a plane - insisting that one has to 'dream big by setting yourself seemingly impossible challenges... then  catch up with them'. He has made several world record-breaking attempts. He attempted the fastest Atlantic Ocean crossing in 1985 aboard the Blue Riband. The boat capsized in British waters, forcing an RAF rescue. A year later, he beat the record by two hours. The next year, his hot air balloon Virgin Atlantic Flyer also crossed the pond to the U.S. before attempting to cross the Pacific from Japan to Arctic Canada in the 2,600,000 cubic feet. Hitting a speed of 245 miles an hour, they broke the record. Another record-breaking balloon flight came in 1998: from Morocco to Hawaii. But the team's plan to circumnavigate the world at record speed was scuppered by another group in 1999. He has been known to spout aphorisms such as: 'In the end, you have to say "screw it, just do it"' and 'big ideas also mean big risks'. Regarding his space mission, he said: 'If you set seemingly impossible challenges, you make what people believed impossible possible,' laughing that he couldn't believe he was taken seriously when he suggested that we colonize Mars. With Virgin Galactic, however, he has been keen to insist safety is a priority. The only way he will persuade enough people to become space tourists with Virgin Galactic, he told the Mail in 2010, is by shedding his image as a reckless adventurer. In an interview in February 2014 Branson said that his private space flight venture could not 'afford to lose anyone'. In an interview with Guardian Weekend Magazine, he said: 'Everybody who signs up knows this is the birth of a new space programme and understands the risks that go with that. Pioneering: Branson, pictured with Prime Minister Margaret Thatcher in 1986 when he broke the record for sailing across the Atlantic. His first attempt a year earlier saw the boat capsized and rescued by the RAF . Taking the plunge: Branson piloted his amphibious car across the English channel to France in June 2004 . 'The biggest worry I had was re-entry. NASA has lost about three per cent of everyone who's gone into space, and re-entry has been their biggest problem. 'For a government-owned company, you can just about get away with losing three per cent of your clients. For a private company you can't really lose anybody.' Branson's big project has attracted a slew of big name passengers happy to pay for this once in a lifetime experience, including newlyweds Brad Pitt and Angelina Jolie; Justin Bieber and his manager Scooter Braun; Lady Gaga, who plans to try and sing in space; former pop star Lance Bass, who has long been vocal about his desire to head to space; and Ashton Kutcher, who was the 500th customer to purchase a ticket. Russell Brand also got a ticket for his birthday from ex-wife Katy Perry when the two were married. Perry bought a ticket as well so Brand would not have to go alone. Submarine: In 2011, he announced plans to conquer the sea in a submarine while his space plan was on hold . Branson has recently also rolled out a new challenger boat. He has been known to spout aphorisms such as: 'In the end, you have to say "screw it, just do it"' and 'big ideas also mean big risks' Stephen Hawking and Kate Winslet are also set to fly, but got their seats for free. Winslet because she is married to Branson's nephew, Ned RocknRoll, and Hawking because Branson wanted to offer the legendary astrophysicist a chance to go into space. Tom Hanks and Britain's Princess Beatrice will also be on board. However, Sir Richard is facing a 'backlash' from some of the nearly 700 passengers who have already paid for a ticket on the craft. Some stumped up the fee as long ago as 2005, but still have no idea when they will eventually reach space. The 600-plus takers for the flights are already benefiting from their ticket purchase, which by extension enters them into an exclusive club that has seen them visit Necker Island and the Mojave Desert with Branson along with undertaking G-force training.
SpaceShipTwo, Richard Branson's unprecedented project, was flying under rocket power then tweeted that it 'experienced an in-flight anomaly'
Virgin Galactic confirmed craft exploded. Images show debris of the craft .
Lady Gaga, Justin Bieber, Katy Perry, Tom Hanks, Princess Beatrice and Kate Winslet among those who have signed up to fly in the spacecraft .
The flight has been delayed numerous times in the past decade .
Sir Richard Branson had pledged to be on first flight with his family .
More than 700 customers have paid as much as $250,000 for a seat .
It has been almost 10 years in the making. But today Richard Branson's long-awaited SpaceShipTwo, destined to fly passengers to space for a cool $250,000 (£150,000), crashed during a test flight. The catastrophic explosion is the latest disaster in a slew of delays and set-backs that have plagued the seemingly perpetual project. Branson announced his ambition to reach space in 2005, and immediately received  requests from celebrities - including Brad Pitt, Angelina Jolie, Justin Bieber and Katy Perry - wanting to nab a seat on the craft. The unprecedented venture was dubbed 'classic Branson', tying neatly with the Virgin boss's notorious penchant for taking risks and pushing limits, in everything from boats to hot air balloons. Scroll down for video . Risk-taker: The unprecedented venture was dubbed 'classic Branson', tying neatly with the Virgin boss's notorious penchant for taking risks. But it has been marred by delays and set-backs since 2005 . Catastrophic crash: Two pilots were on board, and authorities confirmed one was dead, with the second being taken to hospital in Lancaster with serious injuries aboard a helicopter (pictured) Record breaker: The adventurous Virgin boss started out with record speeds in boats and hot air balloons . In July 2008, Branson sparked a flurry of excitement as he predicted that the maiden space voyage would take place within 18 months. When the fateful month came around, October 2009, Virgin Galactic issued a statement to say initial flights for the Branson family would take place from Spaceport America 'within two years'. The declaration was followed by another on December 7, 2009: SpaceShipTwo was unveiled and Branson told his many ticket holders to prepare to fly in 2011. Come April 2011, Branson says that  flights will not begin for another 18 months due to 'delays'. Two years later, on April 29, 2013, SpaceShipTwo had its first test flight. However, it only achieved a speed of 920 mph - less than half the speed Branson predicted. Back to the drawing board, the notoriously bravado Virgin boss announces the first flight will take place just eight months later on Christmas Day 2013. The flight did not take place. In September 2014, Branson said the first flight was slated for February or March in 2015. Today, on October 31, 2014, the craft air tested a new kind of fuel: hydroxyl-terminated polybutadiene, a form of rubber, to a polyamide-based plastic. It crashed, killing one of the two pilots. Ambitious: Branson unveiled the mothership WhiteKnightTwo in 2008 (pictured) by uncorking champagne . 'Dream big': He said he was determined to make the impossible possible by flying into space with his family . In a tweet, Branson offered his condolences: 'Thoughts with all @virgingalactic & Scaled, thanks for all your messages of support. I'm flying to Mojave immediately to be with the team.' The set-back is a blow to his risk-taking reputation. Just yesterday he announced that Virgin Atlantic will become the first airline in Europe to put newly qualified pilots into the cockpit of a long-haul aircraft. The trainee pilots will be 'part of the Virgin family from day one', he explained. Applicants are simply required to have a minimum of five GCSEs or equivalent including maths, science and English. The move would have been shocking if it came from any other airline. But Branson started his career in the aviation industry on a whim - snapping up a second-hand 747 without even having flown a plane - insisting that one has to 'dream big by setting yourself seemingly impossible challenges... then  catch up with them'. He has made several world record-breaking attempts. He attempted the fastest Atlantic Ocean crossing in 1985 aboard the Blue Riband. The boat capsized in British waters, forcing an RAF rescue. A year later, he beat the record by two hours. The next year, his hot air balloon Virgin Atlantic Flyer also crossed the pond to the U.S. before attempting to cross the Pacific from Japan to Arctic Canada in the 2,600,000 cubic feet. Hitting a speed of 245 miles an hour, they broke the record. Another record-breaking balloon flight came in 1998: from Morocco to Hawaii. But the team's plan to circumnavigate the world at record speed was scuppered by another group in 1999. He has been known to spout aphorisms such as: 'In the end, you have to say "screw it, just do it"' and 'big ideas also mean big risks'. Regarding his space mission, he said: 'If you set seemingly impossible challenges, you make what people believed impossible possible,' laughing that he couldn't believe he was taken seriously when he suggested that we colonize Mars. With Virgin Galactic, however, he has been keen to insist safety is a priority. The only way he will persuade enough people to become space tourists with Virgin Galactic, he told the Mail in 2010, is by shedding his image as a reckless adventurer. In an interview in February 2014 Branson said that his private space flight venture could not 'afford to lose anyone'. In an interview with Guardian Weekend Magazine, he said: 'Everybody who signs up knows this is the birth of a new space programme and understands the risks that go with that. Pioneering: Branson, pictured with Prime Minister Margaret Thatcher in 1986 when he broke the record for sailing across the Atlantic. His first attempt a year earlier saw the boat capsized and rescued by the RAF . Taking the plunge: Branson piloted his amphibious car across the English channel to France in June 2004 . 'The biggest worry I had was re-entry. NASA has lost about three per cent of everyone who's gone into space, and re-entry has been their biggest problem. 'For a government-owned company, you can just about get away with losing three per cent of your clients. For a private company you can't really lose anybody.' Branson's big project has attracted a slew of big name passengers happy to pay for this once in a lifetime experience, including newlyweds Brad Pitt and Angelina Jolie; Justin Bieber and his manager Scooter Braun; Lady Gaga, who plans to try and sing in space; former pop star Lance Bass, who has long been vocal about his desire to head to space; and Ashton Kutcher, who was the 500th customer to purchase a ticket. Russell Brand also got a ticket for his birthday from ex-wife Katy Perry when the two were married. Perry bought a ticket as well so Brand would not have to go alone. Submarine: In 2011, he announced plans to conquer the sea in a submarine while his space plan was on hold . Branson has recently also rolled out a new challenger boat. He has been known to spout aphorisms such as: 'In the end, you have to say "screw it, just do it"' and 'big ideas also mean big risks' Stephen Hawking and Kate Winslet are also set to fly, but got their seats for free. Winslet because she is married to Branson's nephew, Ned RocknRoll, and Hawking because Branson wanted to offer the legendary astrophysicist a chance to go into space. Tom Hanks and Britain's Princess Beatrice will also be on board. However, Sir Richard is facing a 'backlash' from some of the nearly 700 passengers who have already paid for a ticket on the craft. Some stumped up the fee as long ago as 2005, but still have no idea when they will eventually reach space. The 600-plus takers for the flights are already benefiting from their ticket purchase, which by extension enters them into an exclusive club that has seen them visit Necker Island and the Mojave Desert with Branson along with undertaking G-force training.
Jolie, Justin Bieber and Katy Perry - wanting to nab a seat on the craft. The unprecedented SpaceShipTwo had its first test flight. However, Branson said the first flight was slated for flying into space with his family . In a tweet, with Virgin Galactic, he told the Mail in 2010, who's gone into space, and re-entry has been manager Scooter Braun; Lady Gaga, who plans to Hawking and Kate Winslet are also set to fly, but space. Tom Hanks and Britain's Princess Beatrice will also be on board. However, Sir Richard is facing a 'backlash' from some of the nearly 700 passengers who have already paid for a ticket on