In fact, the state of Arizona owns more than $1 billion in unclaimed property. While most of this unclaimed property is old bank accounts, the state does hold onto some items that you might not want to see go to waste.
The state will auction off some of its betters in hopes that they find their way home. This auction will be conducted in person and online. Some of the most intriguing items on offer include old bank checks, coins and gold coins. These items are up for grabs to the highest bidder.
The Arizona Department of Revenue has been entrusted with the task of handling this endeavor. The agency will conduct a one-day in-person expo on January 25 and an online-only bidding event on January 27.
On top of that, the department has teamed up with an Internet-based company called Sierra Auction to facilitate the online aspect of the auction. With the help of its web-savvy staff, the department hopes to find its missing billions of dollars.
Aside from the usual suspects like uncashed paychecks, abandoned safe deposit boxes, and unclaimed life insurance policies, the department will also take aim at gold and silver coins.
Notably, the state holds on to the latter for up to three years. It may be a while before the newest owner of the last unclaimed property is identified. Regardless, the ensuing auction should yield a nice profit for the state.
The most important tidbit to remember is that the state does not make any guarantees regarding the condition of any given item. However, the department will be more than willing to prove its worth to any sane person willing to provide it with the required documentation.
To that end, the department’s Unclaimed Property Unit has returned more than $47 million in cash and other forms of unclaimed assets to the owners of these items in the past.
The state’s latest and greatest auction will feature a plethora of notable items. Of course, the department aims to collect the requisite tax revenue to fund its mission of protecting the state’s assets, while at the same time securing the rights of individuals to claim their share of the loot.
Among the plethora of prizes to be offered, you can expect to see old bank accounts, currency, gold and silver coins, sports memorabilia, and other esoteric items.
When all is said and done, the state estimates that it will have collected more than $1 billion in unclaimed property by the end of the year.
The Arizona Department of Revenue has a list of notable items in its safe that are up for grabs and you can take the opportunity to bid on them.
You can learn more about the process by visiting the department’s website or calling (480) 777-4343. If you are lucky, you might even get a preview. From there, the real fun begins.