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Wednesday, Dec. 12, 2012 | 4:18 p.m.
CARSON CITY — A California woman has been determined to be the rightful heir to $7.4 million in gold coins hoarded by a reclusive cousin, despite some seemingly unlikely claims by others, including a “secret agent” who suddenly remembered he was a relative.
Carson City Clerk-Recorder Alan Glover said a monthlong genealogical search determined Arlene Magdon, a first cousin, is the only living relative of Walter Samasko Jr., who died in May.
Magdon has kept a low profile but has hired a financial adviser for assistance once the money is released, probably in the middle of next year, Glover said.
It was a month — only after neighbors complained of an odor coming from Samasko's house in Carson City — before anybody realized he had died. He had few friends and lived alone on $500 a month from stock investments, officials said.
The 2,695 gold coins, some dating to the 1880s, were discovered in boxes in Samasko’s garage among cartons of tuna.
After the news broke, Glover said, other parties came forward in an attempt to claim the fortune.
A man in Florida wrote a letter asserting he was a secret agent and had suffered a severe head injury and just recently remembered he was related to Samasko, Glover said. But no claim was filed with the court.
A hearing is set for Tuesday before District Judge James Wilson to certify Magdon as the legitimate heir.
Glover said officials plan to sell the coins, stored with an armored car company, and turn the money over to Magdon, minus an estimated $800,000 in inheritance tax, plus some other expenses.
Samasko’s house already has been sold for $112,500, and a 1968 Ford Mustang, valued at $17,000, also will be put up for sale, Glover said.
Well, she is sure going to have a Merry Christmas and a very Happy New Year!
Comment removed by moderator. Off Topic
"Glover said officials plan to sell the coins, stored with an armored car company, and turn the money over to Magdon, minus an estimated $800,000 in inheritance tax, plus some other expenses."
Ryan -- this one is in my B$ meter's yellow zone. Those coins are not the officials' to sell and our Constitution prohibits government from taking private property.
Do let us know what that court decides about her.
"[The law] has placed the collective force in the service of those who wish to traffic, without risk, and without scruple, in the persons, the liberty, and the property of others; it has converted plunder into a right, that it may protect it, and lawful defense into a crime, that it may punish it." -- Frederic Bastiat, 1850 "The Law"
Why does the State have to sell the coins before
they give them to her?? She could get more than the
state could! She could sell some of the ones she
wants to sell and pay off TAX vulture's!!
Why not put the coins up for auction.
I will bet ten dollars to a doughnut they might bring fifty million at auction.
Some of those coins are collector items that would fetch a hansom price, all in all follow the money.
A double-eagle at gold strike price verse collector price might be one tenth the value.
It would be very interesting to see whose hands those coins touch, maybe the weasel is in the Government department, or even her lawyer in collusion with the armored car company.
There are too many parasites everywhere and they are worse than ambulance chasers.
Probate always sells assets to get cash don't they? The survivor could offer to buy them? But the taxes would have to be paid.
This is a good lesson for the gold nuts out there that think buying gold and silver is going to shield them from difficulties.
First what if your house burns down or is washed away by a flood? Will you or your survivors be able to find them? And coins could lose their values if scratched by fire. (I guess you could put them in a private safety deposit vault like the one that was robbed a while back?)
Next you still have to pay taxes. If you do manage to see a survivor get them without probate, the survivor make have to sell them. When you do that the cops/IRS get your name, ID, and other data about the sale if you sell them to a pawn shop or dealer.
This guy did not care about the money or he would have left a will, so why should anyone else care about what happens to his stash.
The government officials and the real estate person (both groups of people take a lot of bashing) did the right thing to make sure the law was followed. 800k is not much tax either
But KillerB, you forget, we re-elected a socialist leader who has been pushing for and creating executive orders that bypass the normal law making channels, to create a government for the care of the people...
We Americans want the government to do what they think is best for us and if that's selling the coins before I am supposed to inherit, than I guess that is what is best for me.
No one seems to be asking the pertinent question in this one. Where does a guy with $500 a month in income get the money to buy $7 million worth of coins?
@ mred
'800k is not much tax either'
Really? It's like taking 800K and throwing it out of your car window on the freeway...the 15 freeway that Vegas has been working on for years that's spending taxpayer dollars.
I just woke up from a coma, did someone say my uncle died ?
If this guy didn't inherit a tremendous amount of money or have an extremely high paying job some type of skulduggery led to all these coins.
That being said, I want a DNA test!!!!
Where is all the gold the Roman's had?
Where is all the gold the Spanish got from America?
Where is all the gold the Nazi's took?
Where is all the Egyptian gold?
Etc.
Switzerland?
All this gold did not disappear. There are a lot much extremely rich people that are invisible because they live off plunder from thousands of years.
Samasko hadn't worked since 1968, but he had stock accounts of $140,000 and $25,000 and was living off his investments. Las Vegas Sun Sunday Sept. 16th
Not that it's any of my business or any other
of the posters on this story, But my guess is
Walter learned a hard lesson from his Parents
from 1929? And was not going to let it happen
to him. I'm sure he was a wise investor, and
very Frugal man. But to call him a Hoarder is
an Insult to him!
Gold was still in the $35 an ounce range in the 60's when he probably bought them. 2,695 gold coins x $35 = he paid max only $94,325 for them! Nice Investment.