Contents of abandoned Arizona safe deposit boxes go up for auction

PHOENIX – The Arizona Department of Revenue’s annual safe deposit box auction is taking place this week, with gold bars, collectible coins, jewelry and more up for grabs.

In-person bidding on the forgotten booty will take place 11 a.m.-4 p.m. Thursday at Sierra Auction in Phoenix at 3570 Grand Ave.

In addition, online bidding opened Wednesday and continues until 5 p.m. Sunday.

The 300-plus items on the block come from safe deposit boxes that have gone unclaimed for several years.

News: Items from Dormant Safe Deposit Boxes to be Auctioned Off by ADOR on Dec. 6: https://t.co/DLIXgMUR9b #ADORNewsRelease pic.twitter.com/ngSfuHT1Ci

— AZ Dept. of Revenue (@AZDORmedia) December 4, 2019

The most valuable items, gold bars, are already drawing bids of more than $11,000, while the bidding begins at $5 for many pieces.

The revenue department holds the proceeds of the sales in a custodial account, where the funds remain until claimed by the rightful owners of the auctioned property.

The safe deposit box sales contribute to the state’s unclaimed property pool, which totals $1.5 billion.

In the most recent fiscal year, which ended June 30, the department’s Unclaimed Property Unit paid out $48.4 million.

Business or individuals can go online to find out of the state has any assets in their names.

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