Florida Chief Financial Officer (CFO) Jimmy Patronis announced that a record $2.51 million was generated by the state’s unclaimed property auction in West Palm Beach, including the sale of 505 lots consisting of more than 66,000 items.
Some of the items auctioned included a men’s gold ruby and diamond ring and a ladies platinum and diamond Hamilton watch.
Until claimed, unclaimed funds are deposited into Florida’s school fund for the benefit of public education. There is no statute of limitations and consumers have the right to claim their unclaimed funds at any time, at no cost.
“The unclaimed property auction in West Palm Beach this weekend was a huge success, generating more than $2.51 million in state record auction proceeds with more than 66,000 items sold,” Florida CFO Jimmy Patronis said. “This outstanding accomplishment is a testament to the hard work of our Unclaimed Property Division and everything they do on behalf of Floridians. Since I became your CFO, we have also returned a record $2.5 billion back to Floridians. Until claimed, these funds go to support public education in Florida through the State School Trust Fund. An estimated one in five Floridians has unclaimed funds just waiting to be claimed and I’m encouraging all individuals and business owners to search today for unclaimed property at FLTreasureHunt.gov.”
During the 2023-2024 Fiscal Year, the Division of Unclaimed Property also returned an annual record of more than $433 million to Floridians.
Unclaimed Property is a financial asset that is unknown or lost, or has been left inactive, unclaimed or abandoned by its owner. The most common types of unclaimed property are dormant bank accounts, unclaimed insurance proceeds, stocks, dividends, uncashed checks, deposits, credit balances and refunds. Unclaimed property also includes contents from abandoned safe deposit boxes in financial institutions.
Unclaimed property assets are held by business or government entities (holders) for a set period of time, usually five years. If the holder is unable to locate, re-establish contact with the owner and return the asset, it is reported and remitted to the Florida Department of Financial Services, Division of Unclaimed Property. Unclaimed funds are deposited into the State School Trust Fund and used to support public schools. However, the original amount reported can always be claimed by the owner, or his/her heirs, at no cost.
To search for unclaimed property or to claim an account, check online.
