History made after Illinois State Treasurer returns $11M to Chicago man's family

CHICAGO - History was made this week after the Illinois State Treasurer's office returned $11 million to the estate of a Chicago man who died of natural causes in 2016.

Treasurer Michael Frerich said it is the largest returned unclaimed property dollar amount in the history of the nation.

Little is known about Joseph Richard Stancak and how he accumulated such wealth, the treasurer's office said.

"This is a life-changing amount of money," said Frerichs. "I only wish we knew more about Mr. Stancak."

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Unclaimed property includes forgotten bank accounts, unpaid life insurance benefits, safe deposit boxes and other items.

Stancak was born in Chicago in August 1929, and lived in a house on South Troy Street — where he was found on Dec. 23, 2016. He died at 87 years old.

Stancak was one of seven children, and neither he nor any of his siblings had children.

His siblings passed away before he did. 

A few of his living relatives are in the United States — including in New York, New Jersey and Minnesota. Seven of his relatives reside in Chicago or in the suburbs. 

Most of Stancak's 119 heirs, however, live in Poland and Slovakia.

Prior to Stancak, the highest paid unclaimed property claim in Illinois was $8.1 million in 2012, the treasure's office said.