ANNAPOLIS, MD (Aug. 14, 2006)-Comptroller William Donald Schaefer today announced that his Unclaimed Property Unit's eBay auction program has generated $13,789.20 in 72 bids, just one month since the initiative began, July 12. The eBay program is generating 91 percent more money for owners of unclaimed property than the annual live auction program, last held Feb. 6, 2006.
"We've been able to expand competition and get more money for owners of abandoned property," said Comptroller Schaefer. "And we're just getting started."
The Comptroller of Maryland is charged with the task of connecting people with money (or property) that has slipped through the cracks. This includes items, such as jewelry, coins and other collectibles, as recovered from abandoned safe deposit boxes. eBay has a customer base of more than 100 million members, worldwide, to potentially bid on these items. The top item sold thus far has been an 1843, $10 gold coin, for $1,104.
"Many items now selling on eBay were passed over during other live auctions," added the Comptroller. "And we aren't limited to a single, annual event. We now have an ongoing process in place that maximizes results while keeping down costs."
Financial institutions, insurance companies and corporations are required to report contents of safe deposit boxes, bank accounts, wages, insurance benefits, security deposits, stock dividends and other property to the Comptroller's Office if they remain unclaimed for three or more years. All money collected from auctioned items is submitted to the state's general fund and can be claimed anytime by the original owner (or rightful heirs).
State law requires the Comptroller's Office to auction abandoned safe deposit items kept in storage. Until today, these items were only available for sale during annual, live auctions. New items will be made available every week through eBay. Most items listed for sale will be described in detail and certified by an appraiser under contract with the Comptroller's Office. Buyers may therefore be confident in their bidding.
Comptroller of Maryland employees and their immediate family members are prohibited from bidding on any item(s).
Maryland's 5 percent sales tax is charged to all purchases sent to in-state addresses.
Visit the Comptroller's eBay auction page.
CONTACT:
Michael D. Golden, 410-260-7305
Kevin P. Kane, 410-260-7578
