"We sell stolen goods on the Internet, says P.J. Bellomo, the CEO of PropertyRoom.com. "It's what we really do!"
PropertyRoom.com works with 2500 police departments nationwide. The police departments often need to auction off stolen and seized items; PropertyRoom.com does it for them, online.
From brand new Macbook pros, Joe Namath footballs, guitars, bicycles, diamond bracelets, lawn ornaments, the selection is endless. You can sometimes find oddities like a colonoscopy machine or DC Comics stainless steel rings.PropertyRoom.com tests every item, from power tools to watches. Anything fake or malfunctioning gets trashed.
Some of the items that make it to the site's warehouse are more valuable than they seem. One gold coin ready for auction was valued at 20 dollars by the PD that handed it over.
"Our coin expert thinks it's more like 25,000 dollars," Bellomo says.
PropertyRoom.com shares the revenue with the municipalities. As the price goes up, a greater percentage goes back to the cities.
"You know, we sell stolen goods on the Internet. It's a little weird," Bellomo says.
(Copyright ©2011 WABC-TV/DT. All Rights Reserved.) Get more Business »shopping, theft, business, jamie roth
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