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State Holds Auction for Unclaimed Property

State Holds Auction for Unclaimed Property

NewsRadio 920 WHJJ and the Associated Press

PROVIDENCE, R.I. (AP) — For the first time in six years, the state of Rhode Island held a live auction for abandoned or unclaimed property.

Several hundred people attended the auction on Saturday at the Department of Administration building in Providence. The items, including gold and silver jewelry, were turned over to the state treasurer's unclaimed property division after going unclaimed in safe deposit boxes for at least several years and attempts to track down the rightful owners failed.

The Providence Journal reports that the items auctions included a diamond-studded white gold ring that fetched $4,500.

In all, the auction was expected to generate about $400,000, with proceeds going into the state's General Fund.

The last live auction for unclaimed property was held in 2008. An eBay auction was held in 2010.

Photo Credit:Shutterstock/Stephen B. Goodwin


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