Property Room: Where Cops Sell Stolen Goods
Property Room is an online police auction site that sells “hot” or stolen goods. It turns out that replacing the classic police auction is good business.
PropertyRoom.com is set up as a kind of eBay for police auctions. Items are sold in categories including jewelry, fine art, tools, bicycles, watches and “everything else.” The site was founded by former police officers, including Daryl Gates, former chief of the Los Angeles Police Department, according to its Web site.
Since many of the items were stolen but never reclaimed, PropertyRoom.com will return them to their owners provided they can prove ownership of an item shown online.
When the site started in 2001, it had contracts with 100 departments and profits of $3 million. Now, the company has contracts with nearly 2,000 departments, 25,000 new bidders each month, and last year reported a profit of $35 million, according to company spokeswoman Cher Murphy.
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