RI holds first unclaimed property auction since 2008

Rhode Island held an auction Saturday in Providence of unclaimed property.

For the first time since 2008, the state of Rhode Island auctioned off property on Saturday considered to be abandoned under state abandoned property law.

The items land in the state treasurer's office. Saturday nearly 500 lots were up for grabs.

Proceeds from the auction go into a reserve account now where they can still be claimed by the former owners of the properties that have been sold.