State Treasurer Auctioning Off Some Unclaimed Items
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SPRINGFIELD, Ill. (CBS) — The Illinois State Treasurer’s vault at the state Capitol is running out of room, and Treasurer Dan Rutherford is now auctioning some of the assets online.
As WBBM Newsradio’s Alex Degman reports, Rutherford says the items were sent to his office when banks couldn’t locate the owners after five years, and then the items went on to sit in the vault for at least five years.
LISTEN: WBBM Newsradio’s Alex Degman reports
Rutherford says similar auctions have been held in the past, but none like this.
“Treasurers prior to me, through the processes they had available to them at that time, would hold auctions actually live at the State Fairgrounds, and people that wanted to bid would have to travel here; participate through a live auction,” Rutherford said.
Rutherford says no item on the Treasurer’s Web site will sell for below 75 percent of its appraised value, and any proceeds will be held indefinitely until the owners or their estates can be found.
The auction runs through Dec. 11. For more information, click here.