HARRISBURG, PA — Pennsylvania’s latest unclaimed property auction generated more than $450,000 for assets whose owners have not yet come forward, adding to a program that currently holds more than $5 billion available for claimants statewide.
The Pennsylvania Treasury said its spring auction, held online March 25, sold more than 4,000 items from abandoned safe deposit boxes and other tangible property that had remained unclaimed after years of state custody.
Treasury expects to net more than $450,000 from gross auction sales totaling $523,873. The proceeds will remain permanently tied to the original owners, who can claim the funds regardless of how much time passes.
The auction highlights the scale of Pennsylvania’s unclaimed property system, which Treasury says affects more than one in ten residents. The average claim exceeds $1,000.
Under state law, businesses must transfer dormant property to Treasury after three years of inactivity. Tangible items, most commonly the contents of abandoned safe deposit boxes, are then held for an additional three years while officials attempt to locate owners before eligible items can be sold.
“The first priority is always returning items safeguarded in our vault back to their rightful owners,” State Treasurer Stacy Garrity said. “Eventually we do have to auction items to make room for incoming property.”
Among the highest-priced items sold were two 22-karat gold bracelets that fetched $8,000 and an American Eagle gold coin set that sold for $7,500.
An 18-karat gold bracelet featuring 24 diamonds and 24 sapphires, sold together with a pair of Anthony Lent gold earrings, brought $6,000. A sterling silver tea service sold for $5,000, while an 18-karat gold Lover’s Eye pendant set with diamonds sold for $4,400.
The auction was conducted with appraisal and auction services provided by Pook & Pook Inc. of Downingtown.
“The success of this past March’s auction was a testament to that process, with realized prices exceeding the high total estimate,” said Deirdre Pook Magarelli, president of Pook & Pook Inc.
Items that fail to sell, or purchases that are not completed by winning bidders, are returned to Treasury and may be offered again in future auctions.
Treasury said military decorations and memorabilia are permanently excluded from auction sales.
Pennsylvania residents can search for unclaimed property or file a claim through the Treasury’s database at patreasury.gov/unclaimed-property.
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