Contents of abandoned Arizona safe deposit boxes go up for auction
Dec 4, 2019, 5:40 PM
(Sierra Auction Photo)
(Sierra Auction Photo)
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.
RELATED STORIES
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.
