Bidding wars, $15,307 diamond ring sale lead to $57K auction success, says Nebraska treasurer

LINCOLN — A diamond ring that had been stashed in an abandoned safe-deposit box for more than a decade now has a new owner.

It went for $15,307 — nearly twice its appraised value — in an online auction organized by the Nebraska State Treasurer’s Office, which by law takes custody of such forgotten property and tries to get it back into the hands of owners or heirs.

Items that remain unclaimed for a period of time can be auctioned, and the state treasurer held such an eBay event Oct. 6-14.

Materials contained in roughly 80 safe-deposit boxes involved in the auction resulted in gross proceeds of $57,305, the treasurer reported. That’s $20,331 above the appraised value of all items up for bid.

Reaping the highest amount was the two-carat diamond ring, which sold for $15,307 after a starting bid price of about $8,000.

A 14-karat gold mesh purse sold for $10,307.

Just a few items went without garnering a bid. Among those was a black rock, a spokesperson said.

‘Win, win, win’

Treasurer Joey Spellerberg told the Nebraska Examiner Thursday that he didn’t know what to expect, but considered the auction a success.

“It’s a win, win, win,” he said.

Abandoned merchandise now can be appreciated by new owners, he said. And sale proceeds have been recorded in the original owner’s name — to be held until that person or heirs come forward.

Money raised in the auction does not become state revenue. It can be held “in perpetuity” if a rightful owner does not surface, said Spellerberg.

Among other winners was the top bidder for a 1961 Topps No. 2 Roger Maris baseball card, which sold for $425 after 30 bids. Another bidding war erupted over a batch of Sports Illustrated Kids Cards, which reached 43 bids and sold for $355.

A group of Red Seal $2 bills sold for $479 in 38 bids.

Meanwhile, some space has been cleared from the area where the state treasurer stores abandoned safe-deposit boxes received from banking institutions.

By law, the treasurer is to conduct a sale of unclaimed property every five years. The last auction was held in 2017. Spellerberg said he is evaluating whether online auctions will be held more frequently under his watch.

“But I think these auctions could happen on a more frequent (basis) as we look to catch up and free up space for new items.”

Nine-year dry spell ends Tuesday when state treasurer resumes unclaimed property auction

Waiting to be claimed

Notwithstanding the gap between auctions, the treasurer’s Unclaimed Property Division staff has not stopped trying to locate original owners of lost items and encouraging Nebraskans to search NebraskaLostCash.gov. According to a media release, staff members send letters to owners whose addresses are available and run statewide newspaper and radio ads.

Spellerberg applauded the work of his staff. The auction was managed by J&J Coins and Collections. Auction items were appraised by independent appraiser Tom Bassett of Lincoln.

State law puts the treasurer in charge of the unclaimed property as a consumer protection measure until rightful owners or heirs claim it. That property also includes dormant bank accounts, uncashed checks, unpaid wages and life insurance proceeds.

Since the law was implemented in the late 1960s, the state has returned about $320 million to rightful owners, Spellerberg said. “One in five Nebraskans has unclaimed property, with money waiting to be claimed in all 93 Nebraska counties.”