What happens to proceeds from the sale of escheated property at public auction in Arizona?

When property is escheated, it means that the state takes custody of the property due to the absence of legal heirs or claimants. In Arizona, once the property is sold at public auction, the proceeds from this sale are deposited into the general fund of the state. This process allows the state to repurpose these funds for public use, benefiting the community at large. The general fund typically finances various state programs and services, further supporting the state’s operational needs.

In contrast, the other options do not align with Arizona law regarding escheated property. For instance, since the property has no identifiable heirs, the proceeds cannot logically go to any heirs. Additionally, while counties may have involvement in property matters, the proceeds from escheated property specifically do not go to the county but rather directly to the state’s general fund. The state real estate department does not manage proceeds from such sales; their role pertains more to regulatory matters rather than financial distribution following property sales.