Mass. treasury’s sale of abandoned securities accounts and other property net more than $76M
By APWednesday, December 30, 2009
Mass. abandoned property sales net $76 million
BOSTON — The state treasurer says Massachusetts has raised about $76 million through the liquidation of abandoned securities accounts, and another $100,000 through the Internet sale of other abandoned property.
The money will go to the state’s general fund.
Treasurer Tim Cahill said Wednesday the stock liquidations came from 2004, 2005 and 2006 accounts. This was the state’s first stock liquidation since June 2007. Normally, the sale would have proceeded two years ago, but was delayed until the market improved.
The appraised value of abandoned property offered on eBay was $56,000, but the auction netted the state $102,000.
A collection of American coins from the mid-19th to early 20th century fetched the most — more than $4,550.
