Shelly
12-20-2007, 05:18 PM
http://www.chron.com/disp/story.mpl/nation/5380826.html
Dec. 15, 2007, 5:27PM
Who gets the fortune found in house walls?
The contractor and homeowner claiming right to $182,000 cache
By JIM NICHOLS
Cox News Service
CLEVELAND — Most folks are happy to reach into the pocket of a little-used jacket and find a long-forgotten $10 bill.
Multiply that feeling by 18,200 times and you will understand how Lakewood, Ohio, home-improvement contractor Bob Kitts felt when he pulled a giant cache of Depression-era cash from the walls of an 83-year-old Cleveland home he was renovating.
As he was ripping plaster from bathroom-wall studs, Kitts found bundles of bills totaling $182,000 wrapped in pre-World War II Cleveland Plain Dealer news pages and tucked into boxes. The money is in such good condition, and some of the bills are so rare and collectible, that one currency appraiser valued the treasure at up to $500,000, Kitts said.
But there's a hitch:
The walls from which Kitts pulled the money aren't his walls. The house isn't his house. Nobody knows for certain whose money it is.
Yet Kitts claims it as his own. He and his lawyer have dusted off an obscure, centuries-old legal doctrine called "treasure trove" — a common-law finders-keepers provision — that they believe gives him top claim to the wealth.
Kitts' lawyer has drafted a lawsuit that he hopes will force homeowner Amanda Reece to turn over the money she has kept, or at least share it.
Then again, he may not be a cent to the richer. Several court rulings have established precedent that undermines the applicability of the treasure-trove doctrine under these circumstances, said Reece's lawyer, John Chambers. Reece would have accommodated Kitts, but the handyman got greedy, Chambers said. Now Reece has no intention of backing down in the face of what she considers a shakedown.
"In fact, I look forward to asserting our position," Chambers said in an interview.
It may be up to a judge to decide, said Heidi Robertson, a professor who teaches property law at Cleveland-Marshall College of Law. And that judge may have a challenge.
"It's certainly not a slam-dunk," Robertson said.
Kitts and Reece, high school classmates in the 1980s, celebrated together one morning in May 2006. He was in his second day of gutting her bathroom when he found a box below the medicine cabinet. Inside it was $25,200 in pristine bills.
"I almost passed out," Kitts recalled. "It was the ultimate contractor fantasy."
He called Reece. She rushed home. Flushed with excitement, they found another steel box in the wall, tied to the end of a wire nailed to a stud. In it was more than $100,000, Kitts said.
They found two more boxes, filled with a mix of money and religious memorabilia.
Kitts took some of the currency for an appraisal and learned that many of the $10 bills were rare 1929-series Cleveland Federal Reserve bank notes, worth about $85 each. There also were $500 bills and one $1,000 bill.
They traced the home's Depression-era ownership to a businessman named Peter Dunne, Kitts said. The money bundles had "P. Dunne" written on them, but no sign of its origin. Dunne apparently died unmarried and childless, leaving behind a mystery — a fortune that would be worth an inflation-adjusted $2.7 million in today's money.
But the joy, friendship and contractual bonds of the former classmates dissolved like melting snow amid the heat of all that money. Now Kitts and Reece speak to each other only through their lawyers.
Dec. 15, 2007, 5:27PM
Who gets the fortune found in house walls?
The contractor and homeowner claiming right to $182,000 cache
By JIM NICHOLS
Cox News Service
CLEVELAND — Most folks are happy to reach into the pocket of a little-used jacket and find a long-forgotten $10 bill.
Multiply that feeling by 18,200 times and you will understand how Lakewood, Ohio, home-improvement contractor Bob Kitts felt when he pulled a giant cache of Depression-era cash from the walls of an 83-year-old Cleveland home he was renovating.
As he was ripping plaster from bathroom-wall studs, Kitts found bundles of bills totaling $182,000 wrapped in pre-World War II Cleveland Plain Dealer news pages and tucked into boxes. The money is in such good condition, and some of the bills are so rare and collectible, that one currency appraiser valued the treasure at up to $500,000, Kitts said.
But there's a hitch:
The walls from which Kitts pulled the money aren't his walls. The house isn't his house. Nobody knows for certain whose money it is.
Yet Kitts claims it as his own. He and his lawyer have dusted off an obscure, centuries-old legal doctrine called "treasure trove" — a common-law finders-keepers provision — that they believe gives him top claim to the wealth.
Kitts' lawyer has drafted a lawsuit that he hopes will force homeowner Amanda Reece to turn over the money she has kept, or at least share it.
Then again, he may not be a cent to the richer. Several court rulings have established precedent that undermines the applicability of the treasure-trove doctrine under these circumstances, said Reece's lawyer, John Chambers. Reece would have accommodated Kitts, but the handyman got greedy, Chambers said. Now Reece has no intention of backing down in the face of what she considers a shakedown.
"In fact, I look forward to asserting our position," Chambers said in an interview.
It may be up to a judge to decide, said Heidi Robertson, a professor who teaches property law at Cleveland-Marshall College of Law. And that judge may have a challenge.
"It's certainly not a slam-dunk," Robertson said.
Kitts and Reece, high school classmates in the 1980s, celebrated together one morning in May 2006. He was in his second day of gutting her bathroom when he found a box below the medicine cabinet. Inside it was $25,200 in pristine bills.
"I almost passed out," Kitts recalled. "It was the ultimate contractor fantasy."
He called Reece. She rushed home. Flushed with excitement, they found another steel box in the wall, tied to the end of a wire nailed to a stud. In it was more than $100,000, Kitts said.
They found two more boxes, filled with a mix of money and religious memorabilia.
Kitts took some of the currency for an appraisal and learned that many of the $10 bills were rare 1929-series Cleveland Federal Reserve bank notes, worth about $85 each. There also were $500 bills and one $1,000 bill.
They traced the home's Depression-era ownership to a businessman named Peter Dunne, Kitts said. The money bundles had "P. Dunne" written on them, but no sign of its origin. Dunne apparently died unmarried and childless, leaving behind a mystery — a fortune that would be worth an inflation-adjusted $2.7 million in today's money.
But the joy, friendship and contractual bonds of the former classmates dissolved like melting snow amid the heat of all that money. Now Kitts and Reece speak to each other only through their lawyers.