ARIZONA NEWS

Arizona Department of Revenue to auction off unclaimed property

Feb 25, 2024, 7:15 AM

The auction will feature more than 1,300 professionally appraised lots. (Sierra Auction Photos)...

The auction will feature more than 1,300 professionally appraised lots. (Sierra Auction Photos)

(Sierra Auction Photos)

PHOENIX — The Arizona Department of Revenue is auctioning off unclaimed property from abandoned safe deposit boxes this week.

Online-only bidding will begin on Wednesday at noon and last through Sunday until 5 p.m., according to a press release.

Items up for auction have not been claimed by owners after many years, the department said, with jewelry, coins, currency and other collectibles available for sale. The auction will feature more than 1,300 professionally appraised lots.

An in-person preview will be held from 10 a.m. to 4 p.m. on Friday at Sierra Auction Management, 4298 N. 35th Drive, Phoenix.

Profits from the sales will be transferred to a custodial account, where they will remain until claimed by the rightful owners of the sold items.

The agency’s Unclaimed Property Unit paid out more than $61 million to owners of unclaimed assets in fiscal year 2023, from July 1, 2022, to June 30, according to a press release.

Property is labeled as unclaimed when there has been no owner contact for a set allotment of time, typically between one and three years.

Safe deposit boxes are sold “as is” and there is no warranty of any kind for the condition of the items. All sales are final.

After the auction, winning bidders will be sent an e-mailed invoice and payment is due by 3 p.m. on the Wednesday after the auction. Winning bidders are asked to collect their items on the Monday through Wednesday following the auction from 8 a.m. until 3 p.m.

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Arizona Department of Revenue to auction off unclaimed property