But someone will likely get it for a steal when it's auctioned off by Property Room.com.
Property Room is a website that works with 1600 police departments and municipalities to sell stolen or confiscated items that can't be returned to their original owners.
It was founded almost ten years ago by former police officer Tom Lane.
Lane says, "My experience as a law enforcement officer, I knew that the property rooms have property and they always had parking lot auctions, so I figured taking this to the Internet would be a better way to do this."
The variety of items on the site is mind-boggling -- everything from jewelry, to electronics, to vehicles. Once they even sold a coffin! The items are stored in several huge warehouses in different parts of the country.
In addition to the diamond watch, Tom showed me a cross pendant. It has 1300 diamonds and is valued at more than $14,000.
Also for sale, a MacBook, an X-box 360, a genuine Rolex and other jewelry items that are a little less flashy.
Most of the auctions start with $1.00 bids, and they last for five to seven days.
The more the items sell for, the larger the percentage of the sale price that goes back to the municipality.
Plus, the cities and police departments don't have the hassle of running auctions on their own.
Lane says his site, "Frees up storage space, it frees up manpower and returns great revenue to the city. On the flip side, it gives consumers a bargain."
Among the local departments that use Property Room are:
In Delaware:
Wilmington
In New Jersey:
Brick Twp.
Lakewood PD
Little Egg Harbor
Logan Township
Manchester Twp. PD
Neptune Twp.
Plainsboro
Seaside Park
Ship Bottom
Township of Howell
Township of Ocean
Township of Toms River
Township of Washington
Voorhees Twp.
Wall Township
Wall Twp. Fire District
West Deptford Twp.
In Pennsylvania:
Allentown
Bethlehem
Bethlehem Twp.
Darby Borough
East Lampeter
Elizabethtown
Hilltown
Lehigh University PD
Lower Providence PD
Lower Merion
Marple Township
Reading
Westtown-East Goshen PD
More money-related links:
More money-related links:
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