Unclaimed property goes to eBay instead of state fair
<p class="BODY" style="margin: 0in 0in 0pt"><font face="Imperial">The state treasurer's newest stash of unclaimed personal property, including vintage coins and jewelry, will be auctioned beginning next week on the Internet site eBay, rather than at the Illinois State Fair.</font>
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<p class="BODY" style="margin: 0in 0in 0pt"><font face="Imperial">Illinois Treasurer Alexi Giannoulias on Monday said tapping into eBay's audience of 241 million registered users would generate more proceeds for state government.</font>
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<p class="BODY" style="margin: 0in 0in 0pt"><font face="Imperial">"We're going to conduct a 'virtual' yard sale that spans the globe," he said at a Chicago news conference.</font>
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<p class="BODY" style="margin: 0in 0in 0pt"><font face="Imperial">The 50 pieces of property to be put on eBay are collectively valued at about $20,000 but could yield more money, the treasurer's office said. Giannoulias said other states using eBay for auctions typically have seen bids surpass appraisals.</font>
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<p class="BODY" style="margin: 0in 0in 0pt"><font face="Imperial">A sampling of the items will be on display in the treasurer's tent at the state fairgrounds in Springfield, where unclaimed property had been sold at one-day live auctions in previous years. Giannoulias said his office would save more than $10,000 in payroll costs by shifting the sale to eBay. He said a contractor will be paid a flat fee of $16,900 to manage the state's end of the online auctions.</font>
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<p class="BODY" style="margin: 0in 0in 0pt"><font face="Imperial">The first wave of unclaimed property will be auctioned during a one-week sale on eBay that begins at noon Aug. 20. Among the pieces up for bid are antique watches, platinum diamond rings, baseball cards and silver dollars dating back to the 1800s.</font>
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<p class="BODY" style="margin: 0in 0in 0pt"><font face="Imperial">Following the first auction, the treasurer's office will offer up to 50 items for sale each week on eBay.</font>
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<p class="BODY" style="margin: 0in 0in 0pt"><font face="Imperial">Banks turn over unclaimed property from safe-deposit boxes to the treasurer's office, which publishes a list of property owners. After being held for at least four years, the property is auctioned off, but owners or heirs can later step forward and collect the proceeds.</font>
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<p class="BODY" style="margin: 0in 0in 0pt"><font face="Imperial">Illinois government uses unclaimed assets to help finance the state budget, but keeps money on hand to pay claimants.</font>
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<p class="BODY" style="margin: 0in 0in 0pt"><font face="Imperial">For more information, go to www.treasurer.il.gov.</font>
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<p class="BODY" style="margin: 0in 0in 0pt"><font face="Imperial">Mike Ramsey can be reached at (312) 857-2323 or ghns-ramsey@sbcglobal.net.</font>
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