Money Found In Ohio House's Walls No Treasure

Question – Do you think burying your money in a coffee can or putting it into the walls of your house is a good financial plan?


That is essentially what we do when we pay off our mortgage, of course having no mortgage debt is nice if you have no other financial concerns.

Not taking advantage of a reverse mortgage is like having money buried in your walls.......


Excerpted from article:


Money Found In Ohio House's Walls No Treasure

By Joe Milicia

Associated Press

POSTED: 02:43 p.m. EST, Nov 05, 2008

CLEVELAND: In the end, a contractor who found $182,000 in Depression-era currency hidden in bathroom walls got just a few thousand dollars and, he feels, some vindication.

As for the 21 descendants of Patrick Dunne — a wealthy businessman who stashed money that was minted in a time of bank collapses and joblessness, only to have it divvied up decades later in a similar economic climate — they'll each get a fraction of the find.

Kitts would later call his discovery "the ultimate contractor fantasy."

He was tearing out the bathroom walls of an 83-year-old home near Lake Erie on spring day in 2006 when he discovered two green metal lockboxes suspended by a wire below the medicine chest. Inside were white envelopes with the return address for "P. Dunne News Agency."

"I ripped the corner off of one," Kitts said during a deposition in a lawsuit filed by Dunne's estate. "I saw a 50 and got a little dizzy."

He called Reece, who had hired him for a remodeling project, at work. She got there within 45 minutes.

They counted the cash, piled it on the dining room table and posed for photographs. Both grinned like lottery jackpot winners holding an oversized check.

But how to share? She offered 10 percent. He wanted 40 percent. From there things went sour.

He's often asked why he didn't keep his mouth shut and pocket the money. He simply answers that he wasn't raised that way.

"It was a neat experience, something that won't happen again," Kitts said. "In that regard, it was pretty fascinating; seeing that amount of money in front of you was breathtaking. In that regard, I don't regret it.