[beriarele]

By GILLIAN MOHNEY

Nov. 15, 2011

A San Jose man needed no treasure map when he reportedly stumbled on to $500,000 worth of gold and silver after bidding on an abandoned storage unit. The man, identified only as John, apparently paid $1,100 for the unit only to see his blind investment turn into a goldmine after a number of rare coins and a few gold and silver bars were found in the blue Rubbermaid container.

The reported find, in Contra Costa County, was so unexpected that even though the auction was held by American Auctioneers, the subject of A&E's Storage Wars, there were no cameras present when the cache was discovered.

Even without cameras Laura Dotson, the co-owner of American Auctioneers along with husband Dan, still said she was delighted.

"It helps, it solidifies what we're doing in the business," Dotson told ABCNews.com.

"It shows hope that with all these units, that there is treasure to be found."

Although the buyer wants to remain anonymous, Dotson said he called her after getting the gold and silver appraised. According to Dotson, the first thing he said was, "Wow, this is a wonderful life."

In recent years storage unit auctions have gained wide-spread recognition after becoming reality fodder for shows like Storage Wars and Spike TV's Auction Hunters.
In California, where American Auctioneers is based, a storage unit is available for auction if rent has not been paid in three months. Bidders are able to view the storage unit from outside for five minutes to glean what they can, and then the bidding starts. While some units are worth little, the possibility of a big payoff draws in participants who are willing to take a chance.

John Cardoza of Storage Auction Experts, which was not involved in the auction, told ABC News that for people who know what they're doing, "Six out of seven units can make money." However, he stresses that the chance to make half a million dollars off a $1,100 bid is a bit rarer. "I hear similar stories about once a year," said Cardoza.

According to the San Francisco Chronicle, the unit was owned by a recently deceased elderly woman. Cardoza says that since the storage units must be listed in the paper prior to the auction, some bidders use names to try to decipher what's in the unit. "What some people do is, they look at the names. If it's Ethel or Myrtle, it sounds older," said Cardoza, who says an older person may have more collectibles than a younger person.

While the coins were apparently found in the unlikeliest of treasure chests -- a Rubbermaid container – it was said to have been heavy enough that three men had to carry it out.

Dotson says the plastic container initially piqued the buyer's interest, although for more pragmatic reasons. "He said that he liked it was in [plastic] and clean and easy to move," said Dotson. "It's a chance of a lifetime."

http://abcnews.go.com/US/man-reporte...ry?id=14958206

[Cgnebksb]

Dam.........

[illilmicy]

Reason number 156 as to why you should not subject your estate to anothers bailment.

TREASURE TROVE. Found treasure.

2. This name is given to such money or coin, gold, silver, plate, or bullion, which having been hidden or concealed in the earth or other private place, so long that its owner is unknown, has been discovered by accident. Should the owner be found it must be restored to him; and in case of not finding him, the property, according to the English law, belongs to the king. In the latter case, by the civil law, when the treasure was found by the owner of the soil, he was considered as entitled to it by the double title of owner and finder; when found on another's property, one-half belonged to the owner of the estate, and the other to the finder; when found on public property, it belonged one-half to the public treasury, and the other to the finder. Lecons du Dr. Rom. §350-352. This includes not only gold and silver, but whatever may constitute riches, as vases, urns, statues, &c.

3. The Roman definition includes the same things under the word pecunia; but the thing found must have a commercial value for ancient tombs would not be considered a treasure. The thing must have been hidden or concealed in the earth; and no one must be able to establish his right to it. It must be found, by a pure accident, and not in consequence of search. Dall. Dict. Propriete, art. 3, s. 3.

4. According to the French law, le tresor est toute chose cachee ou enfouie, sur laquelle personne ne peut justifier sa propriete, et qui est decouverte par lo pur effet du hasard. Code Civ. 716. Vide 4 Toull. n. 34. Vide, generally, 20 Vin. Abr. 414; 7 Com. Dig. 649; 1 Bro. Civ. Law, 237; 1 Blackstone's Comm. 295; Poth. Traite du Dr. de Propreite, art. 4. Now the question is "Why would public admission of the find be made?" if the finder desired to keep it?

[Longwow]

Jeepers man, why the hell do people open their big mouths when they find stuff like this I will never understand.

[Amorsesombabs]

Yeah I agree book. The guy is a moron for letting the world know what he found. Going to have to pay taxes now.

[Loolasant]

...and the tax man commeth

[spacecrafty]

...and the tax man commeth

Just to point it out (in case you missed it)

...the property, according to the English law, belongs to the king.

[AntonioXYZ]

Just to point it out (in case you missed it)

That doesn't preclude one from receiving a tax subsidy from the king for one's 'find' (i.e. getting to keep a very small portion of it).

[bWxNFI3c]

That doesn't preclude one from receiving a tax subsidy from the king for one's 'find' (i.e. getting to keep a very small portion of it).

Rules for gold and silver are different than for other "property".

I doubt the executive branch would allow you to keep any of it.

On the other hand, if you wear the crown, I doubt if YOU would let THEM have any of it either.

In the U.S. of A. you get to wear the crown and get to keep it all.

If you are in one of the U.K. independent states then you have no basis for wearing a crown. Others do that for you.

[prmwsinfo]

I did buy a storage unit 35 years ago, no one else bid on it because it looked like junk.....$35.00.........in the back there were a bunch of cardboard boxes (about 20 of them) and they all had a collection of comic books, I have never been into that and the stupid me took it to the swap meet and sold them one, five and fifty at a time..........who know what was there, the majority of them had their own transparent envelope.

[taesrom]

Jeepers man, why the hell do people open their big mouths when they find stuff like this I will never understand.

I keep thinking that their desire for being in the news (fame) is greater than the amount of intelligence they have. That's the only way I can figure it.

[Fausqueuego]

Seriously, why would someone not pay rent on a storage unit holding half a million in bullion?

This doesn't add up. Or someone died or was in jail.

I'd pawn my car to get the cash to cover the rent on the unit. This just isn't right IMO......

Sucks for the person who's stash got raided.

[JulietOreira]

I keep thinking that their desire for being in the news (fame) is greater than the amount of intelligence they have. That's the only way I can figure it.

My guess is that it is the auctioneers trying to drum up business and interest in the market, kind of like house flipping was a few years back. They could grab some dude off the street, tell him to say he found half a million in bullion and pay him a few grand to do so. Cheap advertising for an industry.

It is possible to find something like this but I'm skeptical still. Lotto chances on finds like that. It is just sensational. I've considered doing some estate and storage auctions but I would not ever expect something like that. I'm looking for tools and a decent ROI. News like this makes me want to avoid that market.

[jhfsdhf]

Seriously, why would someone not pay rent on a storage unit holding half a million in bullion?

This doesn't add up. Or someone died or was in jail.

I'd pawn my car to get the cash to cover the rent on the unit. This just isn't right IMO......

Sucks for the person who's stash got raided.

...that's what you get when you buy into their bullshit system. he should have put it in the ground.