Arizona Department of Revenue Holds Annual Unclaimed Property Auction

The Arizona Department of Revenue (ADOR) is set to hold its highly anticipated annual auction of unclaimed property starting this week. The auction, which will be conducted exclusively online, offers a variety of unclaimed assets including safe deposit boxes, jewelry, coins, currency, and collectibles. The event will begin at noon on Wednesday and will run until April 13.

How to Participate in the Auction

Interested buyers can preview the auction items either in person or online through Sierra Management, Inc., located near 35th Avenue and Indian School Road in Phoenix. The auction’s diverse range of items includes the contents of safe deposit boxes, which will be sold to the highest bidder. These items are being auctioned because they have been unclaimed for a period of one to three years. The proceeds from these sales will not benefit the auction house or ADOR but will instead be transferred to a special account. This ensures that the rightful owners can still reclaim their assets in the future. The auction is an effort to both protect and return property to its rightful owners, a key goal of ADOR’s Unclaimed Property Unit.

Safeguarding Assets for Owners

One of the unique aspects of the ADOR’s annual unclaimed property auction is the protection of assets in safe deposit boxes. These items are held securely by the department until they can be returned to their original owners. ADOR is committed to maintaining these assets in a safeguarded manner, giving owners peace of mind that their property will remain protected, even if it is unclaimed for years.

ADOR’s Success in Returning Unclaimed Assets

The ADOR has a long-standing record of successfully returning unclaimed property to its owners. Last year, the department set a record by returning $88 million in unclaimed assets to rightful owners. This demonstrates the department’s ongoing efforts to ensure that individuals and businesses receive the assets that are rightfully theirs, even if they have lost contact with the property over the years.

Unclaimed property refers to financial assets that have been abandoned or forgotten by their owners. The ADOR works diligently to reunite owners with their assets. This effort is part of the broader goal of managing and protecting public property for the benefit of Arizona residents.

The upcoming auction provides a unique opportunity for individuals to acquire a wide range of valuable items while supporting the state’s mission to return unclaimed property to its rightful owners. Whether you are looking for jewelry, coins, or rare collectibles, the ADOR’s auction offers a chance to bid on these items while also helping to safeguard the assets until they can be claimed.