At 500 mph the aircraft would be doing 8 miles a minute, three minutes to fall depending on height takes it 24 miles (roughly 40km) and that's just back of fag packet maths. The aircraft doesn't fall straight down.
Simple maths of course. If the Pilots had pulled the Ejection Seat at 800km/h IAS (not Gspd.!)there would be less diplomatic trouble.
Betting would be more exact if the last Course of the Airplane is verified.