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Mass. unclaimed property auction nets $545k
Record gross for state's general fund
Updated: Thursday, 03 Jan 2013, 8:35 PM EST
Published : Thursday, 03 Jan 2013, 8:35 PM EST
BOSTON (AP) -- The state's annual unclaimed property auction garnered a record $545,000 for the state's general fund.
Massachusetts Treasurer Steven Grossman said Thursday that the eighth annual online auction's proceeds were almost double the appraised value of the 1,830 lots put up for bid on Internet auction site eBay.
The auction got more than 26,000 bids over 42 days that started Oct. 29. The state used to hold a live auction for unclaimed items which was much less profitable because fewer people got to bid.
An 18-karat while gold diamond solitaire ring fetched $17,000, while a Vulcain wristwatch sold for more than $3,700.
Most items came from safe deposit boxes with contents that have gone unclaimed for nine years.
Grossman called the auction a "resounding success."
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