A half million dollars was discovered in the walls of a Paradise Valley home last year. The home was under renovation and the contractors found approximately $500,000 hidden in the walls. This week, the Court of Appeals decided that the Paradise Valley AZ family that sold the home in 2008 were the rightful owners of $500,000 in cash. The home had been the property of Robert Spann, the CEO of Gilbert Corning who passed away in 2001. The daughters of Mr Spann, Kim Spann & Karen Spann took possession of the home after his death. The sisters apparently found other cash, bonds, gold and valuables before they sold the home in 2008.
The contractor interestingly enough tried to keep the money for himself initially until his employees informed the owners. The new owners assumed it was theirs. Finders keepers, losers weepers right? Apparently the appellate judge felt otherwise and awarded the sisters the money, stating it was not abandoned but misplaced.
Unanswered is how the Spann sisters found out about the money. One would assume the Paradise Valley police as the owner called the police when they found out about the money. It would be normal for the owners to think the money was theirs, as it came out of the home they purchased. If they had known what the law would have determined, would they have simply split the money up between them? Human nature probably says yes. How would the former owners have ever found out about it? They only knew because the police had been called. This was an appellate court decision so the decision has already been appealed.
If you have any questions about listing your home in this market, short sales, foreclosures, or anything else regarding Paradise Valley real estate, please feel free to contact me at (800) 300-0263 or (602) 791-0536.
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