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The Luxury Repo Men

When rich people skip payments on boats and jets, the repo men of International Recovery Group go to work
The Luxury Repo Men
Photo illustration by 731; Photograph by Gasper Tringale for Bloomberg Businessweek

The white yacht bobbed at the end of a pier on the St. Johns River in Central Florida. On the opposite riverbank, several men tried to convey boredom from a distance: stretching, taking off sunglasses, yawning, squinting, replacing sunglasses. The small team’s leader, Ken Cage, peeked at the boat through binoculars, then turned with a snap. “That’s the one,” he said.

The four men—Cage, his No. 2 man, a boat captain, and a driver—hustled into two trucks, wheeled over a river bridge, and entered the marina. They walked quickly along the waterfront until they saw their target—a gleaming Luhrs yacht—and huddled again behind a patch of tall grass. “That has to be our boat,” Cage said. “Has to be.” The team fell silent. An alligator lay motionless in the grass three feet away.