State turns to eBay for auctioning unclaimed items

Tuesday, Nov. 11, 2003 | 9:40 a.m.

CARSON CITY -- Beginning Wednesday, anyone anywhere in the world with access to the Internet will be able to bid on unclaimed property in Nevada.

Under state law, the treasurer must auction off items found in safe-deposit boxes that have not been claimed within one year of being turned over to his office.

So, for the first time, state Treasurer Brian Krolicki is taking the state's unclaimed property auction to the Internet. From Wednesday through Nov. 19, bids will be accepted for the property on eBay, the online auction house.

Among the items on the auction block will be gold coins and a silver bar minted in Nevada. Krolicki said the Internet will increase the pool of potential bidders.

"Previously, our annual live auction was limited to those who lived in, or were willing to travel to Las Vegas. Now all Nevadans will be able to participate along with essentially the international marketplace," he said.

There are 30 items available, including pocket watches, gold coins and Lakers No. 32 jersey with Magic Johnson's signature. The signature cannot be authenticated, said Kathy Besser, spokeswoman for Krolicki's office.

Besser said three other states have used eBay and have seen returns 47 percent higher than estimated returns.

Banks hold items in safe-deposit boxes for three years and then turn them over to the treasurer's office.

If an owner surfaces after the auction, he or she is given the money that the item sold for, but no interest.

Pictures of the auction items can be seen by clicking on the eBay link at NevadaTreasurer.com.