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May 13, 2021

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 



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Gordon PowersGordon Powers

A long-time fund company executive, Gordon Powers now heads up the Affinity Group, a financial services consulting firm. Gordon was a personal finance columnist for the Globe & Mail for many years, has taught retirement planning...

James HaversJames Havers

James is the senior editor of MSN Money living in Toronto. He has worked for the Nikkei Shimbun (Tokyo), canoe.ca, AOL.ca, Canadian Business and other publications. Havers turned to journalism after teaching overseas.

Jason BucklandJason Buckland

The modern-day MC Hammer of money, Jason can often be seen spending cash that isn’t his with the efficiency of a Wilt Chamberlain first date. After cutting his teeth as a reporter for the Toronto Sun, he joined the MSN Money team with...