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March 21, 2010

Recession hits "the rich" - high end repos booming

If you don't keep up with the payments on that $15M Gulfstream or 110' yacht, the "repo man" is coming for your stuff. Yea, T Coddington Van Voorhees VII, I'm looking at you!

...Ken Cage isn't your typical repo man. Rather than snatch cars from an over-extended middle class, he takes back yachts, planes and other toys from the over-leveraged rich.

Business is thriving, even as the economy begins to improve. His company, Orlando-based International Recovery Group, repossessed more than 700 boats, planes, helicopters and other property last year valued at more than $100 million. Business, he says, is up six-fold from 2007.

He has reclaimed everything from $18 million Gulfstream jets and Bell helicopters to 110-foot Broward yachts, $500,000 recreational vehicles and even a racehorse...

I think I've found a new career. Swiping phat toys is something I could really pour my heart and soul into.


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posted by Purp at 12:34 PM

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