Texas homeless man allowed to keep $77,000 he found on riverbank

By jnelsoninjax
in Real World News

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BASTROP ? Homeless man Timothy Yost, who is currently in jail on charges of public intoxication and criminal trespassing, has been given the $77,000 that he found in cash and collectible gold coins on the banks of the Colorado River this year.

The Bastrop City Council voted 6-0 without much discussion to return the money to Yost, 46, who found the money Jan. 18. Since then, the city has had possession of the money as it tried to find its owner.

"It is a great day for Bastrop; it is a great day for Mr. Yost," said attorney Aleta Peacock, who represented Yost. She confirmed that he was in jail. Peacock had filed a lawsuit asking the city to return the to money to Yost.

Peacock said Yost will receive the money ? 70 $100 bills and 40 Krugerrand gold coins from South Africa ? within 48 hours. "There are a lot of things I would like to advise him to do, but as legal counsel we have boundaries. We will ensure he gets his money and also ensure his personal safety," Peacock said.

Although no one was present to claim the money, one man did contact police in May with a credible claim, said Police Chief Michael Blake. However, the man withdrew his claim to the money. "He just pulled out," Blake said.

At the time, Blake said the man presented police with "unique facts and knowledge" that gave credence to his claim that he was the owner of the money.

City Attorney Jo Christi Brown told the council that Bastrop police Detective Tamera Brown investigated the origins of the money and found no evidence that it had been involved in any crimes such as a robbery or the sale of illegal drugs.

Yost, 46, said he found the coins and cash at Fisherman's Park. He told police he was on his way to wash his feet in the river when he spotted a bag. When he kicked it, it made the sound of jingling coins. When he looked into the bag, he saw gold coins and wet money.

According to a police report, Yost went to First National Bank and tried to exchange the wet money for dry. When the teller told him the money couldn't be exchanged until it was dry, he left. The teller then called the police.

Officers found Yost, who showed them where he found the money. Police gave him a claim receipt and sent him on his way.

Police kept the money in the department's evidence room for 30 days. On March 1, police placed an official notice in the newspaper. If no one claimed it within 90 days, a property hearing to determine the rightful owner was the next step.

"The city wishes Mr. Yost the best of luck," said Mayor Terry Orr.

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