State Treasurer Dan Rutherford says the iBid system is a more cost-effective way to auction the items. (Eric Stock/WJBC)

By Eric Stock

SPRINGFIELD - Illinois Treasurer Dan Rutherford's online property auction is underway.

The state now auctions unclaimed property every three months. Money raised from all auction sales will be held for the property owner if they ever come forward.

Rutherford says all items will be sold for at least 75 percent of appraised value. Buyers will have to pay through Visa or Mastercard.

Rutherford said using the iBid system has saved the state about $26,000 as opposed to using eBay or holding a live auction as the treasurer's office has done in the past."It's seamless for the consumer, the one bidding on it. They use PayPal and a credit card," Rutherford said.

The auction runs until 10 a.m. Friday.