The auction begins at 11 a.m. Saturday at Sierra Auctions in Phoenix. (Source: KPHO-TV)
PHOENIX (CBS5) -
It's probably the closest many people will come to actually robbing a bank - only this time it's legal.
A Valley auction company will be selling treasures from bank lockboxes that were defaulted on or never claimed.
The property goes to the Department of Revenue who tries to locate the owners. After years of no success, the assets go to auction.
"We have just about everything under the sun that might've been kept in a safety deposit box at a bank," said Mark Feuerer, president of Sierra Auction.
This weekend, 3,500 lots are up for sale.
Some of the items include thousands of gold, silver and rare coins, 1960s baseball cards, diamonds and other precious stones, vintage jewelry and collectibles, stamps and sterling silver flatware.
Money raised from the auction will be turned over to the Department of Revenue.
"The great thing about the Department of Revenue is they hang on to the money they make indefinitely," said Feuerer. "So, if there is a claim later on - 10, 15, even 20 years later - the Department of Revenue has record of that and has the money. It may not be the item - but, certainly the money that was made from the item."
The auction is set to begin at 11 a.m. Saturday at Sierra Auctions at 3570 Grand Ave. in Phoenix.
Copyright 2013 CBS 5 (KPHO Broadcasting Corporation). All rights reserved.
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