State of Florida to hold unclaimed property auction in Tampa.

08/15/2003

TALLAHASSEE – The Florida Department of Financial Services is auctioning $350,000 in unclaimed property on Saturday, August 16, in Tampa. Nearly 10,000 items will be put on the auction block, including antique jewelry, sports memorabilia and pre-Columbian artifacts. Florida’s Chief Financial Officer Tom Gallagher, who will kick off the event as a guest auctioneer, said, “The auction is a great opportunity for the public to bid on unique and interesting items and to know that the proceeds are going directly to help Florida’s public schools.” Funds turned over to the state and money collected from auctioning valuable items are deposited into the State School Trust Fund, a trust fund managed by the Department of Education and benefiting Florida’s schools, where they are available for Floridians to claim at any time. Many schools have used those dollars to fund reading and mentoring initiatives as well as buy needed supplies, Gallagher added. A majority of cash and items held by the state come from abandoned bank accounts and safe deposit boxes in Florida banks and credit unions. In addition, cash may be available from utility deposits, insurance refunds and stock payments. Florida law requires financial institutions to remit property that is unclaimed to the state after three years. Property that is valuable, such as jewelry, coin collections or antiques, is typically held by the state for two to three years, after which it is auctioned. Property is never sold below the estimated appraisal value and the proceeds are held indefinitely until the owner is found and able to collect. According to Gallagher, the state has $934 million in unclaimed property waiting to be returned to the rightful owners. No fees are ever charged for this state service, he said.

The Florida Department of Financial Services is required to record the information provided by the holder of the unclaimed assets, including the dollar amount, owner name, last known address, Social Security number, and any beneficiaries or joint owners. All receipts, except an $8 million fund that is kept to pay claims, are deposited into the State School Fund, managed by the Florida Department of Education. The interest earned from this fund is used to benefit the Florida public school system. Each originally reported amount, however, is always available to the owner or his or her heirs. There is no statute of limitations on this property; it will always be available to be claimed by the owners or their heirs.