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  1. #1
    us
    Jun 2007
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    All Types Of Treasure Hunting

    Man Reported to Find $500,000 Worth of Treasure in Storage Unit

    Man Reported to Find $500,000 Worth of Treasure in Storage Unit

    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."
    PHOTO: A storage unit containing $500,000 in rare coins was auction by American Auctioneers, the subject of A&E's Storage Wars.
    A&E
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    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...6#.TsR9aFZfRVc

  2. #2
    Charter Member

    Apr 2003
    Alberta
    Various Minelabs(5000, 2100, X-Terra 705), Falcon MD20, Tesoro Sand Shark, Gold Bug Pro, Makro Gold Racer.
    5,136
    5282 times
    Prospecting

    Re: Man Reported to Find $500,000 Worth of Treasure in Storage Unit

    Very interesting story.

    All the best,

    Lanny
    Nothin' quite as fun as chasin' sassy nugget gold! http://www.treasurenet.com/forums/me...mysteries.html

  3. #3
    us
    Nov 2009
    kissimmee fl
    white's classic lll SL minelab excalibur II Explorer-s
    155
    6 times
    Beach and Shallow Water Hunting

    Re: Man Reported to Find $500,000 Worth of Treasure in Storage Unit

    i would love to yell ATTA BOY!!! however i can't. i know a guy who ownes lockers and opends them up all the time!
    the owner has rights to all that is inside.
    what the owner does is cut the lock off and open it up and look through it, takes what he wants and locks it up with a $1.00 lock. then the auction begins. he cuts the lock off with a lot of people around and the bidding begins.
    i really do not want to break a balloon BUT it IS what happends!!
    Good luck!!!
    urdaboss
    I DO NOT UNDERSTAND ALL I KNOW ABOUT WHAT I JUST SAID!

  4. #4
    us
    Dec 2006
    East Tennessee
    White's DFX, White's V3I, Garrett's AT PRO
    71
    7 times
    All Types Of Treasure Hunting

    Re: Man Reported to Find $500,000 Worth of Treasure in Storage Unit

    Sure he did! And it just so happens that this mystical gold horde was located in a locker being auctioned off on a REALITY show that almost week end and week out contains once in a lifetime finds. This show is a joke, and every episode has preloaded lockers. Just watch the episode where dude finds cash in the picture frame! The frame is aleady open by the time the camera is on it and the cash is in NEW twenty dollar bills! Sure...right.... This show is a joke.

  5. #5
    JT
    JT is offline

    Mar 2005
    Goose Creek, South Carolina
    187
    31 times

    Re: Man Reported to Find $500,000 Worth of Treasure in Storage Unit

    Quote Originally Posted by urdaboss
    i would love to yell ATTA BOY!!! however i can't. i know a guy who ownes lockers and opends them up all the time!
    the owner has rights to all that is inside.
    what the owner does is cut the lock off and open it up and look through it, takes what he wants and locks it up with a $1.00 lock. then the auction begins. he cuts the lock off with a lot of people around and the bidding begins.
    i really do not want to break a balloon BUT it IS what happends!!
    I might be wrong, but I'm under the understanding that what your friend is doing is illegal.

  6. #6
    JT
    JT is offline

    Mar 2005
    Goose Creek, South Carolina
    187
    31 times

    Re: Man Reported to Find $500,000 Worth of Treasure in Storage Unit

    Quote Originally Posted by j.dean
    Sure he did! And it just so happens that this mystical gold horde was located in a locker being auctioned off on a REALITY show that almost week end and week out contains once in a lifetime finds. This show is a joke, and every episode has preloaded lockers. Just watch the episode where dude finds cash in the picture frame! The frame is aleady open by the time the camera is on it and the cash is in NEW twenty dollar bills! Sure...right.... This show is a joke.
    If you read the article, they weren't filming a show when this auction took place.

  7. #7
    us
    Dec 2006
    East Tennessee
    White's DFX, White's V3I, Garrett's AT PRO
    71
    7 times
    All Types Of Treasure Hunting

    Re: Man Reported to Find $500,000 Worth of Treasure in Storage Unit

    yeah.. SO... the company that produces a show that has unreal finds week in and week out just happens to have an "anonymous" buyer whom finds ANOTHER once in a million find. What are they the luckiest auction company on Earth? Or do Cali residents have SO much cash that they constantly put million dollar gold hordes and piccasos in storage units...

    I'm betting they needed to promote "Storage Wars" a little more.. that seems more realistic.

    I buy storage units, and have for years. As do a group of friends of mine, and while we have made a profit and found some cool things, none of us have found anything like what they find EVERY WEEK.

    this show is a fraud and a joke. the SAME auctioneer's auction off these unreal units constantly to the SAME people. Dave Hester must have millions from his finds, I mean $50,000 here, $100,000 there.....

    Sure... a suitcase full of tiffany diamonds in Vegas huh... ok
    Two safes full of SILVER AND GOLD COINS...ok
    A painting with hundreds of dollars in the frame...ok
    Action figures worth thousands....ok
    all these is a few months time by the same auctioneers, that just happen to be filming a show.... Hmmmmmmm.....

    ok i'll stop ranting now... It just pisses me off because now every tom,dick,and harry show up to all the auctions and bid everything like they expect to find millions in every locker. It costs everyone more, and they do it because they are lied to by this show.

    One auction company here actually charges ADMISSION just to get in to be able to bid now... YEP $10.00 per person UP FRONT.. because it has become a circus.

  8. #8
    us
    Mar 2009
    448
    360 times

    Re: Man Reported to Find $500,000 Worth of Treasure in Storage Unit

    I'm with J.Dean. I've watched many episodes of this scam and if you notice, when someone buys a unit and starts going through it, buyer will say, "I bet I can get $500.00 for this item", and this immediately goes into the plus column of the buy, regardless of whether he sold it or even can find a buyer. Sure, they show people losing money, but not losing that much. And it's also amazing how the same four people wind up buying the units, and not any of the peons standing in the background.

    Heritage Auctions is now pulling the same stunt with their "reality auction show". I wonder how many shills are sitting in their auction audiences.

    Point of no interest: I have a nephew in Hollywood making his way up the acting ladder. He's done some tv ads and is a very good looking kid, model looks, and very, very intelligent about the business. He's gotten a bunch of calls to his agent to star in reality shows (those Bachelor, Survivor type ones), but he told me he refuses them because, "they will kill your career." Soaps, though, are ok. Go figure.

 

 

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