Unclaimed property auction highlights huge state-held bounty

A real-life reality TV show of sorts came to Cape Girardeau recently, as Vivek Malek, state treasurer, conducted a two-day unclaimed property auction at Drury Plaza Hotel.

At the auction, bidders vied for all sorts of items, divided into 2,100 lots -- antiques and jewelry, including a rare 1913 pilgrimage journal to Rome in the books section; a five-piece Great Depression coin set from 1929 that included a wheat penny, buffalo nickel, mercury dime, $1 Liberty Head gold coin from 1853 and a complete set of U.S. proof coins from 1973 to 1980; and a white gold pearl bracelet with matching earrings.

The items came from the state's trove of unclaimed property, valued at about $1.2 billion dollars. Cape Girardeau County residents (or at least county residents at one time) account for about $10 million of that total. This property comes from safe deposit boxes held at financial institutions across the state. After the boxes have been inactive for five years, the state takes control of their contents and tries to locate the owner. If that's not possible, the items go up for auction. The state doesn't use the money for government operations, though. It holds it for the owner or an heir.

Malek, who claims Cape Girardeau as his "adopted home", brought the auction here as a way to generate interest in the state and beyond. It has been held elsewhere in the state -- Columbia, Kansas City and Springfield -- in previous years.

Aside from the safe deposit box items, unclaimed property consists deposits and refunds and other monies that somehow didn't find the rightful owners. A state website, ShowMeMoney.com, allows people to search their name to see if they might have something that belongs to them.

We like the idea of the auction traveling around the state. It heightens awareness and might help folks reconnect with what's rightfully theirs. We also encourage folks to check out the website. The unclaimed property pool is one pot of money our state treasurer wouldn't mind seeing significantly decline.