Contractor, Owner Feud Over Hidden Cash
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  1. #1

    Aug 2006
    Texas
    13

    Contractor, Owner Feud Over Hidden Cash


    Contractor, Owner Feud Over Hidden Cash

    Dec 12 10:42 PM US/Eastern
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    CLEVELAND (AP) - A contractor who helped discover bundles of Depression-era U.S. currency totaling $182,000 hidden behind bathroom walls said the homeowner should turn the money over to him or at least share it.
    Bob Kitts said his feud with the owner of the 83-year house, a former high school classmate, has deteriorated to the point where they speak to each other only through lawyers.

    Kitts said his lawyer has drafted a lawsuit that he hopes will force Amanda Reece to turn over the money she has kept.

    Most of the currency, issued in 1927 and 1929, is in good condition, and some of the bills are so rare that one currency appraiser valued the treasure at up to $500,000, Kitts said.

    Reece accuses Kitts of extortion.

    The fight began in May 2006 when Kitts was gutting Reece's bathroom and found a box below the medicine cabinet that contained $25,200.

    "I almost passed out," Kitts recalled. "It was the ultimate contractor fantasy."

    He called Reece, who rushed home. Together they found another steel box tied to the end of a wire nailed to a stud. Inside was more than $100,000, Kitts said. Two more boxes were filled with a mix of money and religious memorabilia.

    "It was insane," Kitts said. "She was in shock—she was a wreck."

    The bundles had "P. Dunne" written on them, a likely reference to Peter Dunne, a businessman who owned the home during the Depression.

    Kitts said he took some of the currency for an appraisal and learned that many of the $10 bills were rare 1929-series Cleveland Federal Reserve bank notes, worth about $85 each. There also were $500 bills and one $1,000 bill.

    John Chambers, an attorney for Reece, said Kitts rejected his client's offer of a 10 percent finder's fee and demanded 40 percent of the small fortune.

    Reece has no intention of backing down in the face of what she considers a shakedown, Chambers said.

    Kitts asserts he found lost money, and court rulings in Ohio establish that a "finders keepers" law applies if there's no reason to believe any owner will reappear to claim it.

    It may be up to a judge to decide, said Heidi Robertson, a professor who teaches property law at Cleveland State University.

    Kitts said it would be unfair for him to take everything.

    "For such a happy, exciting adventure, I can't believe it just went to heck like this," he said.

    ___

    Information from: The Plain Dealer, http://www.cleveland.com





  2. #2

    Dec 2003
    Porter Township, Western Schuylkill County, Pa.
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    Re: Contractor, Owner Feud Over Hidden Cash

    LOL We both posted this one at the Same Time :P
    I just deleted mine.

    Intresting Story.

    I would be happy with the 10% now instead of getting Lawyers involved.

    Now till everyone takes their Cut, He'll be lucky if 40% of what's left
    is as much as 10% at the beginning :P

    I would have said Sure 10% & Shhhhhh !

    Greed Will Get ya

  3. #3
    Charter Member
    us
    Mar 2003
    Northern Hemisphere
    3,316
    125 times
    Cache Hunting

    Re: Contractor, Owner Feud Over Hidden Cash

    I saw it on CNN this morning.... WOW!

  4. #4
    us
    Random chance seems to have operated in our favor

    Oct 2004
    Oklahoma
    6,889
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    Re: Contractor, Owner Feud Over Hidden Cash

    Don't be suprised if someone claiming to be Dunne's nephew's 2nd cousin 2x removed sashayes in and says it's his (hers).

  5. #5
    um
    Feb 2007
    Please don't yell !
    1,770
    10 times

    Re: Contractor, Owner Feud Over Hidden Cash

    Then contracter here is gonna lose. There's a part in the Law called a production clause it simply says whatever you produce while under contract to another person becomes the sole property of that person. It's like when you work for Microsoft and produce a program, you don't get royalties and you can't take that program with you when you leave. The program becomes the property of Microsoft Inc. Unlike the terms of use agreement here where no compensation has been agreed upon for work produced herein, which can thus be challenged within a court.
    http://www.thegoldenolde.com

  6. #6
    us
    da book worm--researcher

    Feb 2007
    callahan,fl
    delta 4000 / ace 250 - used BH and many others too
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    Re: Contractor, Owner Feud Over Hidden Cash

    ah now they both get to pay the "blood suckers" plus , the courts, the state of ohio's taxes
    and uncle sam's cut now (these folks spoecialize in getting the "bulk" of the stuff ---they will wind up with scraps if anything --wait till "long lost" kinfolk to the dunne fellow step forward to "claim" it and they both lose our for their greed )--- see what a big mouth and greed will do for you --- you find stuff like that ---follow the THers code --- keep your trap shut , tell no one about yer find and enjoy yer bit o booty in peace "tax free" --- the contractor could have easily just kept it -- BUT HE CALLED THE HOMEOWNER -- the HOME OWNER COULD GONE HALVES -- THAT BIG MOUTH / GREED COMBO will cost them both in the end --- Ivan

  7. #7

    Aug 2007
    Tesoro Tiger Shark; Aquavision 2007
    218
    1 times

    Re: Contractor, Owner Feud Over Hidden Cash

    Ivan - you said it all !!

  8. #8
    Kentucky Kache

    Re: Contractor, Owner Feud Over Hidden Cash

    If someone finds something in YOUR house, how does that make them 40% owner? When you buy a property you become owner of everything in/on that property.

  9. #9
    Charter Member
    us
    Mar 2003
    Northern Hemisphere
    3,316
    125 times
    Cache Hunting

    Re: Contractor, Owner Feud Over Hidden Cash

    I tend to agree with that statement. It seems to me if you buy the land, you own what is on it. I WISH!

    Unfortunately, treasure trove laws have become quite convoluted.

    We should open up some discussion about Texas laws for example - there are huge differences between lost, abandoned, and discarded!

    But of course, attorneys get to fight over THAT!



  10. #10
    us
    Minelab Minelab Minelab

    Apr 2004
    1,379
    412 times
    Honorable Mentions (1)

    Re: Contractor, Owner Feud Over Hidden Cash

    ah this fool has no "Salvage agreement" and therefore no right to anything he finds in someone's house. This is going down in flames but not until the lawyers shake a pretty penny out of the money found. he should have taken the 10% - now he'll probably get nothing!

    as they say in investing...
    "pigs get slaughtered"
    Everybody has an opinion - this is mine. Humor will be part of that opinion. I've found things - some can only dream about. Some was pure luck, some was pure knowledge and skill. After 40 years at MD'ing (off and on), I know a few things about finding treasure lost in the ground. As a retired software engineer, I now have unlimited time on my hands. Life really doesn't matter unless you are true to yourself and in your dealings with other people.

  11. #11
    us
    da book worm--researcher

    Feb 2007
    callahan,fl
    delta 4000 / ace 250 - used BH and many others too
    16,737
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    Re: Contractor, Owner Feud Over Hidden Cash

    if you find it and don't run off at the mouth to others about it --you get it tax free and hassle free --- by shooting of their mouths about the find (the contractor felt "stiffed" so he blabbed about it guess what the home owner now will have to pay ohio state tax income tax, fed income tax, lawyers and court fees --- guess what by the time all is said and done at least 50% will most likely be "gone" better of to have given a 60 - 40 split with the contractor (hell the contractor had to call the home owner ---he could have just pocketed it (many would have) so a home owner 60 - contractor 40 would have been a good deal and they would have still been freinds afterwards --- now it all the press its getting --- the mans "long lost kin" might just crawl out of the wood work ---show up and put in a claim in and walk off with all of it ---leaving them with atty bills and court cost to pay with nothing for their efforts (greed will get ya)--- for the home owner at best now that the state and federal govts know about it *** income tax will be collected on it *** so thats a big chunk gone plus lawyer fees , court fees ect ect ect --- they will nickle and dime you to death and wind up with more of it than you will in the end --mark my words --- Ivan

  12. #12

    Nov 2004
    surfside beach sc
    477
    5 times

    Re: Contractor, Owner Feud Over Hidden Cash

    finders keepers inside someones house?

    in the yard maybe under the driveway maybe but in the bathroom

    give me a break


    take the 10% and say thanks

  13. #13
    us
    Apr 2006
    Michigan
    6,338
    27 times
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    Re: Contractor, Owner Feud Over Hidden Cash

    Quote Originally Posted by Marc
    I tend to agree with that statement. It seems to me if you buy the land, you own what is on it. I WISH!

    Unfortunately, treasure trove laws have become quite convoluted.

    We should open up some discussion about Texas laws for example - there are huge differences between lost, abandoned, and discarded!

    But of course, attorneys get to fight over THAT!
    and the more they can fight about it, the more they will get.
    They will end up with far more than the original two parties I'd bet.
    What a shame.


    BDoo
    "I'm a finder, not a loser!"

  14. #14
    us
    Random chance seems to have operated in our favor

    Oct 2004
    Oklahoma
    6,889
    48 times
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    Re: Contractor, Owner Feud Over Hidden Cash

    Quote Originally Posted by Yammy Elf
    Quote Originally Posted by ivan salis
    ah now they both get to pay the "blood suckers" plus , the courts, the state of ohio's taxes
    and uncle sam's cut now (these folks spoecialize in getting the "bulk" of the stuff ---they will wind up with scraps if anything --wait till "long lost" kinfolk to the dunne fellow step forward to "claim" it and they both lose our for their greed )--- see what a big mouth and greed will do for you --- you find stuff like that ---follow the THers code --- keep your trap shut , tell no one about yer find and enjoy yer bit o booty in peace "tax free" --- the contractor could have easily just kept it -- BUT HE CALLED THE HOMEOWNER -- the HOME OWNER COULD GONE HALVES -- THAT BIG MOUTH / GREED COMBO will cost them both in the end --- Ivan
    No, this is not true. The Government will only benefit from the taxes generated from the income or personal gains when the items are sold. Just like any business or personal transaction that generates a profit. How or why do you people makeup this crap that the Government is going to take something. We all give "Uncle Sam" a cut of our income or profit, that's what this country was built on. The THers code is not keep your trap shut, tell no one....that is just plain BS. Just pay the dang taxes like everyone else and move on
    Question---Would not the Fed Gov tax the money at face value ($182,000) since it is legal tender thus considered capital gains income and then if sold for real value ($500, 000) less the face vale difference $318,000? However, also allowing for capital expenditure deductions of atty fees and court costs. Normally it would be taxable for the year found, but since ownership is in limbo until the case is settled they would have to wait.
    Just some scattered thoughts at 2AM.

  15. #15

    Dec 2003
    Porter Township, Western Schuylkill County, Pa.
    2 MINELAB EXPLORER SE PRO's .......3 Garrett Pro Pointers…… Sovereign XS-2 Pro ....... 2 Sovereign GT's
    73,446
    41072 times
    All Types Of Treasure Hunting
    Honorable Mentions (1)

    Re: Contractor, Owner Feud Over Hidden Cash

    I would think because it is Cash that can be spent it would get Taxed.
    (Windfall Tax or something ?)

    and if you turn around and make a Mint off it
    the Gains would be Taxed also.

    But I'm not IRS so that is just a guess.


 

 
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