Large gold nugget found in Ca. finds secret buyer

SAN FRANCISCO (AP) – One of the largest gold nuggets in modern times pulled from Northern California’s Gold Country has sold to a secret buyer.

The new owner of the so-called Butte Nugget and its exact price will both remain mysteries at the buyer’s request, the San Francisco Chronicle reported Saturday

But Don Kagin, the Tiburon-based coin dealer who brokered the deal, said that a “prominent Bay Area collector” paid about $400,000 for the nugget weighing 6.07 pounds (2.8 kilograms). That wasn’t far off from the asking price, he said.

“Let’s just say it’s a win-win for everybody, Kagin said, adding that the nugget went up for sale Thursday with the deal finalized on Friday.

Historically, prospectors found giant gold nuggets in California during the 19th century Gold Rush days, including a 54-pound chunk found in Butte County in 1859. It has been decades since a report of anyone discovering a rock of 6 pounds or more in California.

The gold hunter who found the nugget found it in July in the mountains of Butte County. He also asked Kagin to keep his name and the location of the discovery a secret.

Reports of the nugget’s pending sale caused a near frenzy among gold and history buffs, with the newspaper reporting one bidder inquiring from Australia.

“We spoke with six different people who seemed to have a legitimate interest,” said David McCarthy, Kagin’s chief numismatist. “But he was the first person to make an offer and he had the right prices.”

(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

WKBN 27 First News provides commenting to allow for constructive discussion on the stories we cover. In order to comment here, you acknowledge you have read and agreed to our Terms of Service. Commenters who violate these terms, including use of vulgar language or racial slurs, will be banned. No links will be permitted. Please be respectful of the opinions of others. If you see an inappropriate comment, please flag it for our moderators to review.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s