PHOENIX - The Arizona Department of Revenue (ADOR) held a public auction of unclaimed property from abandoned safe deposit boxes on Friday, December 6.
The auction featured thousands of items that have not been claimed for many years – including 10-ounce gold bars, collectible U.S. currency, diamond rings, necklaces, as well as precious stone jewelry sets, and other unique items.
Proceeds from items sold from the auction are transferred to a custodial account where the funds will remain for 35 years or until the rightful owners make claim.
Assets from abandoned safe deposit boxes make up a portion of unclaimed money the Arizona Department of Revenue safeguards until the funds can be returned to claimants.
ADOR's Unclaimed Property Unit returns millions of dollars of unclaimed assets to their rightful owners every year. In the fiscal year of 2019 (July 1, 2018 to June 30, 2019), $48.4 million was paid out.
The department returns property to owners who provide documentation showing their right to claim the property. People must include with their claim form a valid photo ID, such as a driver’s license or other applicable identification, and documentation linking them to the owner’s last known address, as reported by the company that filed the unclaimed property. Claimants also must provide documentation demonstrating a legal right to claim any property listed in another name.
For more information about the Department of Revenue’s Unclaimed Property Unit and how to do a search, go to www.azdor.gov and click on the Unclaimed Property tab.