For treasurer's office, it's eBay
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BY NANCY HICKS / Lincoln Journal Star
The Nebraska treasurer’s first foray into selling unclaimed property on eBay was an enormous success, bringing in more than twice the estimated value.
The items — jewelry, coins and an antique pocket watch, all left in forgotten or abandoned safety deposit boxes — were valued at just more than $800.
They brought in just less than $1,800 during a week on the online auction site in early July, according to state Treasurer Ron Ross.
The treasurer’s office will put more forgotten Nebraska heirlooms on eBay beginning today and will continue selling property periodically through the summer and fall.
“This gives us the best chance of getting the best dollar amount,” said Ross.
Although access to the eBay auction is international, Nebraskans bought about half the property sold the first week in July, said Jim Burke, director of the unclaimed property division.
In fact, several people came by the Lincoln office and picked up their purchases in person, he said.
The treasurer’s office staff looked at the experience of other states that have sold unclaimed property through eBay, Ross said.
“It seemed like eBay was a great fit for this,” he said. “It seems to be pretty popular. It appears that the audience is pretty huge.”
Ebay likely will take the place of live auctions held in the past to sell the belongings left in safety deposit boxes across the state.
The state likely will put unclaimed property on eBay every two to three weeks, said Burke. He expects it will take several months before Nebraska runs out of unclaimed property to sell.
The state has about 10 years worth of abandoned items, appraised at about $47,000, said Burke.
That property has been divided into about 1,000 lots, with each lot’s appraised value between $25 and $75.
The state tried to keep the value of the lots within a price range that would sell easily, Burke said.
Safety deposit boxes abandoned at banks for at least five years are turned over to the state. Then the state must hold the property another five years before it can be auctioned off, Ross said.
Although state law requires an auction at least once every five years, the last large live auction was held in Lincoln more than a decade ago, Burke said.
Only items considered to have monetary value will be sold, so insurance papers, wills, birth certificates and other personal papers and pictures are not included.
Money from the sale goes into the state’s permanent school fund. Interest from the fund is divided among the state’s schools.
Reach Nancy Hicks at 473-7250 or nhicks@journalstar.com.
Finding Nebraska items
To look for Nebraska items being sold on eBay, potential bidders can find a link on the State Treasurer’s home page at www.treasurer.state.ne.us, or search on eBay for nebr.unc/prop.
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