Treasury to hold fifth eBay auction
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December 2, 2009 02:08 PM
Gold and silver, rare currency, and jewelry abandoned to the state will be auctioned off on eBay for the fifth time, the state treasurer's office announced today.
Treasurer Tim Cahill today hosted a preview at the State House of the Abandoned Property auction. Cahill said the eBay auction was a "technological partnership that has proven to be successful in bringing in proceeds for Massachusetts."
It's the fifth year in a row the auction has been held. The state has been able to raise about $500,000 through the auctions, the treasurer's office said.
The auction goes live on eBay on Saturday at noon. It will continue through Dec. 20.
Under Massachusetts law, the contents of safe deposit boxes are held for seven years after owners fail to pay the annual rental fee, then turned over to the treasury. If the owner is not located one year after the turnover to the treasury, the items are appraised and put up for public auction, the treasurer's office said. The proceeds are used to boost the state budget.
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