High-end repo men nab yachts, mansions and private jets
One of the over-arching themes of the recession has been a consistent one: no one’s money is safe.
Yes, the wealthy among us are still having cash problems. But what’s interesting to note is that their over-spending has led to a booming cottage industry - the high-end repo man.
A recent CNN profile sheds light on the growing profession, profiling one Orlando-based repossessor who – with the help of his ex-wrestler muscle man – enjoys a life spent taking back yachts, mansions and private jets when payments have fallen behind.
Ken Cage of the International Recovery & Remarketing Group (IRG) peeled back the curtain of his business for the news network recently, letting TV cameras follow on a trip to take back a $700,000 Cessna jet from a deadbeat borrower.
What follows (video here) is pretty fascinating. Cage gets a notice from the bank saying the jet is to be repossessed, and he heads out with his partner, Randy Craft (the ex-WWE bruiser), to hunt down the plane before its owners can move it.
Through sources at airports across the state, Cage tracks which hangar the plane sits in, arrives at the runway and makes off with the plane after notifying police.
He is, as CNN notes, “part Sherlock Holmes and part James Bond.”
And what better time for a high-end repo man? Cage boasts a pretty nice trophy case filled with items he's nabbed, which he sells for the bank and takes a cut of the profits.
“We (got) 12 boats and airplanes in a day,” he says, not mentioning his biggest haul, a “nearly new” $14 million Gulfstream jet swiped from a real estate developer who fell behind on the payments.
Oh, and then there are Bell helicopters, $500,000 RVs and even a racehorse that Cage has repo’ed. All in the life of a high-end repo man.
By Jason Buckland, MSN Money
Posted by: Alan Gordon | May 14, 2021 11:32:42 AM
What do you know! A subject for another reality show = "Repo the Rich and Famous" Instead of whining whining po people deadbeats we can see whining rich people deadbeats. Oh Goody
Posted by: MC | May 14, 2021 11:35:37 AM
hmm i want to change my job now
Posted by: Al | May 17, 2021 5:42:43 AM
Real 'rich' people don't have loans. If you have loans on anything you are no better than a beggar on the street in my opinion.
Posted by: Stephanie | May 17, 2021 10:21:24 AM
"If you have loans on anything y ou are no better than a beggar".
Really. So all of the millions of us who have car loans, or mortgages (which yes, still fall under the category of lending) are all just beggars. Fascinating. What a wonderful world you must live in, to have hundreds of thousands of dollars to toss around for these things without having to deal with banks or lending.
Anyone can end up on a downward point in their finances, when things change. If you lose a job, or a lot of medical bills come up, or god forbid a member of your family needs financial help and you try to come to their aid. Even the most financially responsible people can end up missing payments on something, when things go wrong in life.
Posted by: Lisa | May 17, 2021 2:04:07 PM
Stephanie, Al, DOES have a point.
I've had loans myself. However, until what I've bought is actually paid off...that item does NOT really belong to me. I believe Al's point might be...it is not always as it appears. I completely agree with that.
Lastly, be smart and save, instead of spending every last penny you earn, so this doesn't happen to you.
Posted by: Anna | May 18, 2021 3:38:59 AM
Everything in life is temporary. You might as well enjoy what you have today. Life is to be enjoyed not material things. If you are healthy, you are wealthy!
Posted by: James | May 19, 2021 3:14:05 PM
Interesting story, at least as an amusing curiosity.
Unfortunately, it doesn't discuss the fact that repo men sometimes violate the law when carrying out their duties. These rich people can probably afford lawyers to deal with such problems.
The average person, however, might not even know that their rights have been violated and, in any case, can't afford a lawyer to vindicate those rights.
Posted by: repo boats | Jun 1, 2021 8:19:47 AM
Repo car auctions are existing for several years now, although they grew in reputation only newly.
Good work keep giving us this kind of information, its very encouraging to find info that can be used to help improve my current position, keep it up!