The state treasurer’s vault at the Illinois Capitol is running out of room, and starting Monday the treasurer is auctioning some of the assets online.
Treasurer Dan Rutherford says the items were sent to his office when banks couldn’t locate the owners after five years, and any item online has been sitting in the vault for at least five years. Rutherford says similar auctions have been held in the past but none like this.
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“Treasurers prior to me, through the processes they had available to them at that time, would hold auctions live at the state fairgrounds,” he says. “People that wanted to bid would have to travel here and participate through a live auction.”
Rutherford says no item on the treasurer’s website will sell for below 75 percent of its appraised value, and any proceeds will be held indefinitely until the owners or their estates can be found. Rutherford says the assets’ values still belong to the owners, not the state.
The auction runs through Dec. 16, and it can be found through the treasurer’s website at www.treasurer.il.gov.