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by Starrman from Maryland

Last Post 350 days, 22 hours Ago


Finders Keepers???
Dec 13, 2007 | 12:35 PM
Category: News
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A contractor who helped discover bundles of Depression-era U.S. currency totaling $182,000 hidden behind bathroom walls of an Ohio home 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 old house, and a former high school classmate, has deteriorated to the point where they speak to each other only through their lawyers.

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. He called Reece, who rushed home, and they found another steel box tied to the end of a wire nailed to a stud. Inside was more than $100,000. Kitts 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 in the cache. The appraiser has estimated the value of the find at over $500,000 dollars. The money was apparently hidden there by a previous owner and business man that owned the house in that time period.

 

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 is found money, I say at the very least split it with the contractor, or at the very least give him a 10 to 20 percent finders fee. Heck, the contractor could have just kept his mouth shut and kept it all, when he discovered it.

 

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Member Comments Total Comments: 17
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LilBits read my blog view my photos
Dec 13, 2007 | 1:01 PM

I heard this story on the morning news and want to know what the hell this contractor is thinking, does he own the property, no, then why should he be entitled to what was found! Get over it contractor, you are just a worker and the owner is entitled to anything found on his or her property!
caffeinated-cow read my blog
Dec 13, 2007 | 1:02 PM

Hmmm...wouldn't it be "more" fair if the money is given to heirs of the former homeowner, who stashed the cash?
LilBits read my blog view my photos
Dec 13, 2007 | 1:30 PM

CC:

First, I did not consider that, secondly, since the house was sold "would it be fair to give it to the heirs", just wondering how you feel about that.
Sam_in_DC read my blog
Dec 13, 2007 | 1:38 PM

It will be interesting to see how this plays out. My take on it is that legally anything found in the house should belong to the homeowner but morally the homeowner should show his appreciation for the find and the honesty and pay the contractor some kind of finder's fee.

Interesting story. Growing up in PA I had heard a couple of stories of money being found in walls or buried in cans from people who mistrusted the banks after the depression.
MADsMom read my blog
Dec 13, 2007 | 1:40 PM

i think that the homeowner should at the least share it with the contractor. the contractor could have kept his mouth shut and taken it all.
the money didnt actually belong to the homeowner either, it was put there by a previous owner, so any potential "heirs" of his could now come out of the woodwork (so to speak) and say that THEY in fact own the money.
Sam_in_DC read my blog
Dec 13, 2007 | 2:00 PM

I wonder what the legal decision would be there MADsMom.
Once you pay for a house would everything left by previous owners legally become yours?
I am not sure, just wondering...
caffeinated-cow read my blog
Dec 13, 2007 | 2:01 PM

I think it would be fair to give it to the heirs of the person who put it there. Or at least look around to see if these people still exist.

I mean, there was a reason why two boxes of cash were hidden in the house (could be stolen for all we know.) And the person who put it there probably died before telling anyone about it or forgot about it.
caffeinated-cow read my blog
Dec 13, 2007 | 2:04 PM

If it was something with no monetary value, like a diary or a letter, I'm sure the current homeowner or the contractor would think of trying to find the former owner's heirs and give it to them. I don't see why that should change now.
LilBits read my blog view my photos
Dec 13, 2007 | 2:47 PM

CC:

Interesting point, but what if neither the previous owner or the owner prior to that one knew about this as I am tending to agree with you when you stated "I mean, there was a reason why two boxes of cash were hidden in the house (could be stolen for all we know.) And the person who put it there probably died before telling anyone about it or forgot about it." Who is to know how it really got there or how long it was there? Anyway, I personally think the owner should give the contractor a finders fee, but it is not mandatory, although warranted.
Starrman read my blog view my photos
Dec 13, 2007 | 3:11 PM

LilBits, caffeinated-cow, I personally feel that the new owner bought the house, and owns any and all contents. I also feel the right thing to do would be to share the find with the contractor, since before this windfall they were indeed friends. And like I said in the post, the contractor could have just kept his mouth shut and walked away a MUCH richer man, and the owner would not have been any the wiser.
LilBits read my blog view my photos
Dec 13, 2007 | 3:14 PM

Ditto Starr....maybe this owner will have a giving spirit in the name of Christmas, as I hope he or she does not turn out to be a selfish scrooge!
Starrman read my blog view my photos
Dec 13, 2007 | 3:25 PM

LilBits, one can only hope so.
caffeinated-cow read my blog
Dec 13, 2007 | 6:26 PM

I don't know how old the house was or if it had multiple owners over the years or what. But if it only had one owner until the time the current owner purchased it, then you can assume that the original owner was the one who put the money there. Also the money is specific to the 1920s or 30s, so if the house was owned by someone else prior to that time, they probably didn't put it there.

Like I said, if it was a box filled with family photos or a box with a person's diary, I think the current owner and the contractor would consider finding the prior owner's heirs/next of kin. I don't think they would be squabbling over who has ownership of a box of someone else's family photos or someone else's diary. But since it contains money, it's treated much differently.

The world is ruled by greed.
RED-DOG1 read my blog view my photos
Dec 13, 2007 | 6:31 PM

As a contractor myself, I have been faced with this situation several times.Years ago I was in a very old building that had been converted into a convent. I found an old Coca Cola calender dating back to the late 19th century buried in insulation. I brought it down from the attic where it sat for almost 100 years. The nun saw it and took it. I was pissed, it was worth a small fortune. I then learned my lesson about found items of long gone days. I have found rings, diamond earrings and other slightly valuable item in houses newly purchased and getting renovated. Finders keepers does apply as long as you find and keep your mouth shut!!
I personally think the contractor is entitled to some sort of finders fee in this case though. Like someone else has said he could have just kept it all.
sweetcake456 read my blog
Dec 14, 2007 | 3:17 PM

I think that the new homeowner should have the right to keep the money, eventhough the contractor helped. What's the old saying: Finders keepers lose their weepers.
RED-DOG1 read my blog view my photos
Dec 15, 2007 | 1:47 AM

Well SWEETCAKE I think you got something backwards in your post. If it's finders keeper's loser weepers, then the contractor (who was the finder) should be the keeper. I bet your blonde.
shukur read my blog
Dec 19, 2007 | 12:27 PM

Another example "Money Is The Root Of All Evil"
Here you have two friends that were close for,
years.Now this money have them only speaking,
by way of lawers.This is really a sad story.
I also think the fair thing to do is split,
the money,to tell the truth the money dosen't,
belong to either of them.The person who put it,
there could have been elderly and forgot about,
it and never told anyone about it.I am sure if,
they place it there they had every intention,
on keeping it.They also could had place it ,
there and never told anyone,and could be ,
deceased now.Because I know if they were alive,
they would have heard this story and came to,
collect.HAPPY HOLIDAYS TO ALL!
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Starrman

Time is a predator that stalks us all of our lives. Time reminds us to cherish EVERY moment, because it will NEVER come again. Time reminds us that we are only mortal.

Member Since: 1/21/2007


 

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