Treasurer: Online property auction successful

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SPRINGFIELD, ILL. (AP) - State Treasurer Dan Rutherford is calling his office’s online unclaimed property auction a success.

Rutherford says the 7-day auction listed nearly 15,000 pieces of unclaimed property and sold 14,734 of the items, boasting a 99 percent success rate. Items ranged from a diamond ring and loose jewels to coin lots.

The sale price of each lot was required to reach at least 75 percent of the appraised value.

Rutherford says the rightful owners of the property have not come forward to claim their items in more than five years.

The treasurer says he hosted the auction online instead of in-person to save the state money.

According to Rutherford, the online process cuts auction costs significantly.

The next online auction hosted by the treasurer’s office is scheduled for July.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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