Seized Property Auctions
Following a crime raid, property confiscated by government and law enforcement agencies is sold via seized property auctions. These auctions are open to the general public, and can offer exciting opportunities for buyers to acquire unique and valuable items at great prices.
A seized property auction often occurs when a government agency seizes the property of an individual found guilty of a crime. Usually, this property is taken as a result of smuggling, drug trafficking, money laundering, credit card fraud, food stamp fraud, mail fraud or other illegal activity. Since the items seized are typically personal in nature, the government agency must unload what can sometimes be millions of dollars’ worth of goods at auction.
Other instances of property sold at seized property auctions include personal goods and business assets sold at public auction for tax reasons; collateral assets seized by banks and other lending institutions for non-payment of debts and abandoned safety deposit box property liquidated by banks. Given the volume of seizures that typically occur, auction-goers will often find thousands of incredible items available at auction, including automobiles, boats, aircraft, real estate, electronics, sporting goods, firearms, jewelry, fine art, antiques, furniture and appliances.