Ebay has become the latest place for unclaimed assets to be found and purchased. Unclaimed items from across the globe can be found at Ebay at amazingly cheap prices. Items ranging from abandoned safety deposit boxes and police confiscated items are being auctioned to the highest bidder on Ebay.
Some of the most common unclaimed property on Ebay is from Safety deposit boxes. By law, any safety deposit box which has not been claimed for 3 years (in most of the states), is turned over to the states unclaimed property division. At this point of time state may decide to auction the items of the deposit box.
And, what better place to auction than Ebay?
The state auctions the unclaimed property retrieved from the safety deposit boxes, since the owner of the box cannot be located. The funds received from the auction are available to the owner, if the owner ever tries to recover the property. Prior to the popularity of Ebay, states held physical auctions to sell the deposit box contents, but now the states are getting more revenue at lesser effort by utilizing the Ebay platform. Some of the top draw items that are sold on the Ebay are diamond necklaces, wedding and engagement rings, ruby necklaces, rare coins and stamps and much more.
More States are beginning to utilize Ebay for auctions
A large number of states are utilizing the robust auctioning platform of Ebay to auction the unclaimed property. Some of these auctioned items are extremely costly and contains family heirlooms and jewelry. The auctions are held at different intervals for different states, and there may be times there are no items for sale. In a majority of these auctions, states end up getting more revenue through Ebay as compared to local auctions. In Massachusetts, the most recent auction of 200 lots received $ 140,000 in sales!
The following states are offering online unclaimed property auctions through Ebay :
State of California
Ebay Seller Name: ucpauction
State of Colorado
Ebay Seller Name: co.unclaimed.property
State of Indiana
Ebay Seller Name: indiana_unclaimed
State of Maryland
Ebay Seller Name: mdcompschaefer
State of Texas
Ebay Seller Name: tx.unclaimed.property
Ebay Seller Name: DistrictofColumbia
Even police department is now turning to the online auction platform.
Every states Law enforcement agencies have a pile of confiscated unclaimed material and in most of the cases, the actual owners of these stolen or forfeited goods cannot be traced. This leaves the police department with no other option but to dispose them off. Prior to the use of Ebay, police officers had realized the value of internet for auctions. Propertyroom.com was founded and managed by former police officers. The about us page states it, “…harnesses the power of the Internet to quickly move items out of police property rooms, reduce personnel costs and generate revenue well beyond traditional police auction methods. And there is no cost to the participating police or sheriffs department.”
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