PALM BEACH COUNTY, Fla. (CBS12) — From diamond jewelry and gold bars to antiques and rare collectibles, hundreds of valuables once tucked away inside abandoned safe deposit boxes will go up for bid this weekend at Florida’s annual Unclaimed Property Auction.
Hosted by the Florida Department of Financial Services’ Division of Unclaimed Property, the public auction is scheduled for Aug. 7-8 at the Embassy Suites by Hilton West Palm Beach Central. This year’s event features approximately 512 lots containing more than 56,000 individual items, with a combined opening reserve of nearly $1.2 million.
While the auction offers bidders a chance to purchase unique treasures, state officials say its primary purpose is to responsibly manage unclaimed property while continuing to protect the rights of its owners.
The items being auctioned come from safe deposit boxes that were abandoned after years of inactivity. Financial institutions are required by law to turn those contents over to the state’s Division of Unclaimed Property after unsuccessful attempts to contact the owner. The division then holds the property for at least two additional years while making further efforts to locate the rightful owner before any physical items are sold.
Even after an item is auctioned, the owner—or the owner’s heirs—does not lose the right to its value. Instead, the proceeds from the sale remain available to be claimed indefinitely through Florida’s Unclaimed Property Program…