eBay Auction Nets $479K For State
The state made $479,000 auctioning off abandoned property on eBay this year, according to State Treasurer Tim Cahill.
Cahill said the appraised value of the auctioned items was just shy of $300,000.
Financial assets that have been inactive for more than three years are declared "abandoned," while safe deposit boxes are held for seven years after the owner fails to pay the rental fee. After that, the Treasurer's Office uses mail, newspaper ads and the Internet to attempt to reach an owner or heir. If that fails, the state can claim the property.
Since initiating eBay auctions in 2005, the state has brought in more than $1 million.
In the most recent auction, which ran from April 24 to July 10, the items sold included a platinum diamond ring that sold for $8,000 and a U.S. George Washington Funeral Medal that was appraised for $2,000 but sold for $4,827.
WBJ Web Partners
Most Recent
Most Recent
0 Comments