Unclaimed Boxes: Going, Going, Sold

The contents of safe deposit boxes left dormant for five years got new life Monday, when they were sold at a state-run auction presided over by State Controller Gray Davis.

The highlight of the auction, held in West Hollywood, came early in the proceedings when Beverly Hills art dealer Louis Stern plunked down $2,500 for a baseball autographed by Babe Ruth. He hopes to sell it to a Tokyo real estate magnate who is creating a baseball museum.

The ball was one of 1,200 lots for sale. Other items included an autographed picture of the Beatles (which went for $80), coins, jewelry and trinkets. The total appraised value of the lots was $150,000. Information on the total amount raised was not immediately available.

After trying to locate box owners through Social Security and driver’s license records and by taking out newspaper advertisements for at least a year, the contents of the boxes were put on sale, he said.

“Sale proceeds for each item will be held for the rightful owners or their heirs,” Davis said. Until claimed, the money is invested and held in the state’s General Fund.

Through periodic auctions, the controller’s office hopes to bring attention to the approximately $520 million in unclaimed property and assets that the state currently holds, Davis said.

“One out of every seven people living in the state have something owed to them by our office. The odds are much better than winning at Lotto.”

For information about unclaimed property, call 800-992-4647.