In this video, Arizona probate attorney Kent Berk summarizes the Arizona Court of Appeals’ decision over who owns $500,000 found inside the walls of a home. After the owner of the home died, his daughters inherited the home. They searched the home for hidden property, fixed it up and then sold the home.
The buyer hired a contractor to do some renovations. The contractor demolished a wall and found $500,000 of cash and valuables hidden inside. The buyer, seller and contractor each claimed the property.
The Court analyzed the three types of lost property, mislaid, abandoned and treasure trove. The Court also considered the intent of the buyer and seller in the sale. Who do you think owns the $500,000. Watch the video to find out more. You can also read the Court’s decision, Grande v. Jennings.