An anonymous historical artifacts collector from the San Fransisco Bay area paid closed to $400,000 for a 6.07 pound golden nugget on Oct. 24 at the San Fransisco Fall Antiques show that began Oct. 23.
According to a SavingAdvice news report, the finder of the huge California gold nugget (coined the “Butte Nugget”) is a mystery, the buyer of the nugget is a mystery and the exact price paid for the nugget is a mystery. Don Kagin, who brokered the gold nugget sale, said the final purchase price was close to the $400,000 asking price.
According to Kagin, the nugget sold for far more than the worth of the gold content which would value it at approximately $125,000. The reason for the high premium is due to the rarity of large nuggets from California still in their natural form. While many big nuggets were found during the California Gold Rush days, the vast majority of these were melted down at that time for their metal worth.
The nugget was discovered in July, 2014 in Butte County, California with a metal detector about 12 inches under ground. The discovery location of the nugget is how it derives its name. The exact location of the find has been kept secret to keep others from prospecting the area. Although the nugget has already been sold, it will remain on display at the San Francisco Fall Antiques Show through Oct. 26 for those who want to get a first hand glimpse of it.
Kagin said that both the buyer and seller were happy with the deal, and considered it a win-win transaction.
The SavingAdvice reported that this is the second time this year Kagin has made world headlines with gold. In addition to brokering the Butte Nugget, he was also the dealer who introduced the world to the Saddle Ridge Gold Coin Stash which went up for sale earlier this year.
