March 21, 2010
— Purple Avenger 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.I think I've found a new career. Swiping phat toys is something I could really pour my heart and soul into.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...
Posted by: Purple Avenger at
08:34 AM
| Comments (55)
Post contains 163 words, total size 2 kb.
Time was, being rich meant you owned your stuff free and clear. Stuff was higher-maintenance in those days, though. Most mansions were abandoned because the newly-income-taxed owners couln't keep their help hired.
I miss the rich. They were fun to have around. All we have now is bigger ranch houses, with bigger mortgages.
Posted by: comatus at March 21, 2010 08:39 AM (/VEEI)
Posted by: beerologist at March 21, 2010 08:39 AM (tgXx6)
A recent episode of CSI: Miami had a repo man taking back a private jet.
Posted by: PC at March 21, 2010 08:47 AM (NXWTY)
Posted by: Darth Rove at March 21, 2010 08:50 AM (GfYt/)
Posted by: catmman at March 21, 2010 08:52 AM (BCSpK)
Oh, and someone who owes 5 million on a private jet and other things technically is not rich.
As that guy riding the mower on that commercial said when he asked the rhetorical question "how did I afford all this stuff?" - "I'm in debt up to my eyeballs".
Posted by: Vic at March 21, 2010 08:53 AM (QrA9E)
There's a couple of guys down the street that could probably make that happen if you're not too fussy about VIN's and titles.
Posted by: Purple Avenger at March 21, 2010 08:54 AM (Hrzt8)
Posted by: rawmuse at March 21, 2010 08:55 AM (eo8ss)
That commercial perfectly surmised the Zeitgeist of that particular period in time. I was just think about that the other day. LOL.
Posted by: Darth Rove at March 21, 2010 08:56 AM (GfYt/)
What is striking about the commercial though is that it shows a middle middle class in some areas or an upper middle class in other areas, guy. Not a really wealthy person. If you really watch and I just did. The house is not what you would expect someone really rich to live in and the car is just a plain SUV. I think the commercial may have been warning the pseudo rich that their wealth was based on "paying their finance charges" rather than real wealth.
Posted by: curious at March 21, 2010 08:59 AM (p302b)
The cool thing about Socialists being in control, is - all the cockroaches get rich, private sector jobs dry-up, and the bottom feeders make out well.
Posted by: Lemon Kitten at March 21, 2010 08:59 AM (0fzsA)
Posted by: Racefan at March 21, 2010 09:01 AM (EiCzN)
Posted by: curious at March 21, 2010 09:02 AM (p302b)
For what its worth MSNBC is now reporting Stupak is yes.
Posted by: theoneandonlyfinn at March 21, 2010 09:02 AM (9e+Bu)
Posted by: marmo at March 21, 2010 09:03 AM (Tm9Vp)
I happen to know some really rich people. They already pay 1/2 - at least 50% of their income goes to the government. (not included the extras like sales tax)
I get so sick of leftists saying the rich don't pay taxes. Biggest lie the left has in their bag o tricks.
Posted by: Lemon Kitten at March 21, 2010 09:03 AM (0fzsA)
For the really high end stuff, in many cases I'd bet the repo order doesn't go out until a new buyer has already been located. When things are sitting around at airports and marinas, expensive components and stuff just kinda grows legs and migrates away from it and the docking and parking fees start to pile up.
Posted by: Purple Avenger at March 21, 2010 09:03 AM (Hrzt8)
I know "rich" business owners who are about ready to cash it in and call it a day.
In the wake - lots of small business jobs will be GONE. Thanks Democrats!
Posted by: Lemon Kitten at March 21, 2010 09:05 AM (0fzsA)
Posted by: bergerbilder at March 21, 2010 09:05 AM (S1Ttj)
Yesterday in my travels I noted a lot more flat bed trucks with nice SUV's on top of them.
Posted by: curious at March 21, 2010 09:06 AM (p302b)
Posted by: SJR2 at March 21, 2010 09:06 AM (oCbCP)
Sounds like a JIT inventory strategy.
Posted by: Darth Rove at March 21, 2010 09:06 AM (GfYt/)
Not really. Taxes, along with the need to hide conspicuous consumption, is what shut them down. Look at it this way.
Builtmore House cost app $10,000,000 in 1895. That would be $254,467,941 in 2009. AT the current rate of property tax even here where is is supposed to be cheap that would be over $2,000,000/yr in property tax.
Posted by: Vic at March 21, 2010 09:07 AM (QrA9E)
If Stupak is a yes - it's over.
Posted by: Lemon Kitten at March 21, 2010 01:06 PM (0fzsA)"
So that would mean they don't care if Loretta doesn't come back to vote.
Posted by: curious at March 21, 2010 09:07 AM (p302b)
Posted by: beerologist at March 21, 2010 09:08 AM (tgXx6)
If Stupak caves, his entire 6-8 block will cave. It's over.
This was all a waste of energy - like the 11th hour bullshit surrounding Ben Nelson.
Posted by: Lemon Kitten at March 21, 2010 09:08 AM (0fzsA)
There's going to be a lot of that in the next year or two, and the government will be powerless to stop it.
Posted by: Purple Avenger at March 21, 2010 09:08 AM (Hrzt8)
Posted by: Darth Rove at March 21, 2010 09:09 AM (GfYt/)
Business is thriving, even as the economy begins to improve
I am thinking this guy lives somewhere other than the US?
Economy Improving?
The.Fuck.
Posted by: garrett at March 21, 2010 09:09 AM (tEdoh)
naah, they were trying to sell their consolidation loans. You notice that that is one of the loan companies that is about to go under.
Posted by: Vic at March 21, 2010 09:10 AM (QrA9E)
38 Purple Avenger-
There's going to be a lot of that in the next year or two, and the government will be powerless to stop it.
Yep.
But the answer to our woes is to do what Chris Buckley advises: More and higher tax rates!
Posted by: Lemon Kitten at March 21, 2010 09:11 AM (0fzsA)
A lot of guys on the financial sites are planning for a second leg down in the real estate market and a huge problem in commercial real estate.
Are people buying those homes that you appraise? Mortgages are really really difficult to get. So, if those homes are selling, they are paying cash?
Posted by: curious at March 21, 2010 09:11 AM (p302b)
I was talking with my father the other day, another "rich" businessman. He's thinking of packing it in too. Right now he's keeping at least two families afloat with CAD work.
Posted by: Darth Rove at March 21, 2010 09:11 AM (GfYt/)
I've been calling a lot of representatives this morning. It isn't over until they vote. There can always be a miracle. So don't give up hope.
Posted by: curious at March 21, 2010 09:13 AM (p302b)
They don't feel any particular need to impress anyone. They know their money is better deployed elsewhere.
The idiots who own Palm Beach Polo recently did a teardown out on the island and put up a gaudy $10,000,000 McMansion in its place that's going to be demolished when the next storm surge hits.
The real heavy hitters, other than Trump, out on the island are living in less ostentatious accommodations.
Posted by: Purple Avenger at March 21, 2010 09:16 AM (Hrzt8)
Most aren't new purchases..though about 20% are, the insurance companies just like to make sure the properties are insured for the correct value. Have seen older type mansions built in the 1930's or so with rare woods, stones that are irreplaceable. If the home burns down, the insurance company has to replace the home exactly like it was built.
Posted by: beerologist at March 21, 2010 09:16 AM (tgXx6)
Posted by: Vic at March 21, 2010 09:27 AM (QrA9E)
Vic, what was the 1895 property tax on that $10 million? Vanderbilt was from New Jersey; Seagirt was available. Wonder why he chose a NC site? Gardening?
Admittedly, southern states have an old tradition of confiscatory levels of property taxes, but still: how many of them have gone down (Gordy Liddy gesture), not up, in the last century?
Posted by: comatus at March 21, 2010 09:28 AM (/VEEI)
I though everyone always maintained we had low taxes. I don't know what the property taxes in NC in 1895 was (probably low). I used the rate that I am being assessed at now.
From what I have heard on Vanderbuilt he liked the mountains of NC for the summer weather and the property in NC at that time was much cheaper than New Jersey or NY. Keep in mind that originally he purchased 125,000 acres of land. That is bigger than a lot of counties in NJ.
Posted by: Vic at March 21, 2010 09:38 AM (QrA9E)
I've been swipin' phat shit for years. However, most items can be parted out for more than their retail value. Especially if you have no paperwork/legal claim to said items. And yes, phonied up repo papers fool people all the time.
Just sayin....
Posted by: hutch1200 at March 21, 2010 10:03 AM (Ya2kk)
The thing I have noticed is that the truly wealthy people (business owners, oil rich, large ranch owners) have nice homes but they are not over the top. It's the lawyers, immigrant doctors etc. that build the lavish homes with marble floors, elevators..theater rooms, indoor basketball courts and have the newest Mercedes and Bentleys in their garages.
The "nouveau riche" have traditionally been much more conspicuous in their consumption than families who have been wealthy for several generations or more. You look at a lot of these professional athletes or celebrities that suddenly hit it big, and they're typically the ones that end up on MTV Cribs or stupid glorifications of excess like that.
I'd love to find out how many of these expensive toys--which weren't just purchased by "the rich"--were bought as a result of people taking out equity in their homes in order to get that boat or dream vacation to Europe.
Posted by: David Axelrod's Combover at March 21, 2010 10:12 AM (0n+kE)
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Posted by: comatus at March 21, 2010 08:37 AM (/VEEI)