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  1. #1
    hurlco's Avatar
    hurlco is offline Senior Member
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    Default Treasure Trove sold for $500,000?

    Fox News ran a story yesterday about a unit sold by Dan Dotson from American Auctioneers at a Northern California storage facility that had a $500,000 coin collection inside a blue tote. Later in the interview, Laura stated that the tenant had passed away. The tenant had two units, one sold for $1,100 and another for $600. The buyer stated that the coin collection was so heavy that it took two adult males to pick it up.

    This whole interview was quite disturbing too me. The facility and auctioneer obviously made no effort to examine the property prior to the sale and now, a half million dollar coin collection has been sold for virtually nothing to a third party. The overall theme of the story was that there are untold treasures lurking in self storage units and consumers should keep their rent current lest their items be sold.

    This whole process seems inherently unfair too me. Shouldn't self storage owners/managers/auctioneers conduct a survey of units prior to selling them to prevent this type of injustice? Why wouldn't the auctioneer want to discover a coin collection of this type so that they could be sold to a recognized market for its true value? After all, the auctioneer would have made a much bigger commission on a $500,000 coin collection than a $600 storage unit.

    In the interview, Dan and Laura were bragging about how this happens quite frequently in the self storage business.

    My question is: "Does custom and practice in the industry trump good faith and fair dealing when it comes to selling out tenants spaces?"

    Secondly, why don't self storage facility conduct a better inspection/inventory of the spaces that they are selling for just this very reason?

    Thirdly, since this one story alone seems to dispel the myth that every storage space is merely junk and thereby valueless, why do self storage auctioneers/facilities have such restrictive selling practices such as "cash only" sales, only a few brief minutes to examine the property being sold and the rule that items inside the unit cannot be opened, closely examined or surveyed by the buyers? Imagine the frenzy if this tote, which was quite close to the front door, had been opened at the auction.

    Any thoughts?
    "Freedom of speech, does not mean freedom from being offended. The Constitution does not protect your feelings..."

  2. #2
    Lisa T's Avatar
    Lisa T is offline Senior Member
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    Default Re: Treasure Trove sold for $500,000?

    Quote Originally Posted by hurlco View Post
    Secondly, why don't self storage facility conduct a better inspection/inventory of the spaces that they are selling for just this very reason?
    Because the vast majority of my tenants do pay before the auction, and we don't own their stuff, we just have a lien against it. Most would prefer that I don't go through every last item in their entire unit.

  3. #3
    JAMiAM's Avatar
    JAMiAM is offline Senior Member
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    Default Re: Treasure Trove sold for $500,000?

    Quote Originally Posted by hurlco View Post
    Any thoughts?
    Yeah...I call bullsh!t on this story. Consider the source, the unverifiability of the items worth, and the details of the story, and it sounds like a planted story to boost ratings for the new season.
    James A Mathews
    Facility Manager
    CBD Indoor Mini Storage

  4. #4
    Lisa T's Avatar
    Lisa T is offline Senior Member
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    Default Re: Treasure Trove sold for $500,000?

    yes did you notice it said that there just conveniently DIDN"T happen to be any cameras around filming when they opened the box? The times I have seen the show the cameras are filming EVERYTHING they open, no matter how nasty or disgusting.

  5. #5
    JAMiAM's Avatar
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    Default Re: Treasure Trove sold for $500,000?

    By the way, for the details I refer to, here is the linked story from which I base my claim.
    James A Mathews
    Facility Manager
    CBD Indoor Mini Storage

  6. #6
    Storman's Avatar
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    Default Re: Treasure Trove sold for $500,000?

    If it isn't a planted story, then the buyer is stupid beyond words. The IRS now knows where to get an extra $200,000 for their coffers.

    I watched the Dotsons on Fox News the other night, she is too creepy for me. It's as if they can't ever turn themselves off. Auctioneer/huckster mode 24/7.

    I just cut locks off of 15 units for my yearly auction. I have no interest in going through the boxes of junk in those units. If I see something, I'll mention it in the ad, but in my 25 yrs. of managing there has never been anything I've missed that had any appreciable value. Just because Storage Wars wants to peddle their crapola on my TV is not going to change all those years of experience.

    It was junk before Storage Wars, and now it's just more expensive junk after Storage Wars.
    In no way affiliated with Storman software.

  7. #7
    Lisa T's Avatar
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    Default Re: Treasure Trove sold for $500,000?

    Quote Originally Posted by Storman View Post
    It was junk before Storage Wars, and now it's just more expensive junk after Storage Wars.


    I LOVE THAT QUOTE!!!!! At our previous facility, we would cut locks on AT LEAST 30 units a month, usually ended up selling 5 to 7 units...usually the ones that were only 10% full of unwanted broken items that weren't moved out when the tenant really moved out...rarely a full unit.

    It took two employees at least half the day to cut all those locks off, dragging the generator behind them for the disc locks that were on units with no power nearby, take pictures, and come back and print pictures and type up an inventory list to go with each one.

    How much payroll dollars should go to digging through every single box in each of those 30+ units, knowing that 25 or so would be paid for and not sold, just on the rare chance that there was a gold mine in one of them?

    Not to mention the tenants who will claim that stuff is missing out of their units after they see it has all been gone through?

    And in this case, if it is true, just to give the proceeds to relatives of the dead tenant who didn't care enough about her stuff to come back the rent and move it out?

  8. #8
    JAMiAM's Avatar
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    Default Re: Treasure Trove sold for $500,000?

    Quote Originally Posted by Lisa T View Post
    And in this case, if it is true, just to give the proceeds to relatives of the dead tenant who didn't care enough about her stuff to come back the rent and move it out?
    I really need a nap. When I first read this, what I read was this...

    And in this case, if it is true, just to give the proceeds to the dead tenant who didn't care enough about her stuff to come back (from the dead) and move it out?

    Which, incidentally, is about as likely as the Dotson's story being true...
    James A Mathews
    Facility Manager
    CBD Indoor Mini Storage

 

 
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