
Christian Agostino von Hassell's priceless heirlooms were auctioned off to the highest bidder...
And there was nothing he could do about it.
Von Hassell inherited his family's prized writing desk from his mother – the latest in a long line of owners. Built in France in the 18th century, the desk changed hands through five generations of von Hassell's storied family line.
When von Hassell inherited the desk in 2011, he didn't have room for it in his New York studio apartment.
So he moved it, along with a host of other family artifacts, to an Extra Space Storage (EXR) unit in nearby Queens.
He spent tens of thousands of dollars on that storage unit over the next 12 years. Along with the desk, von Hassell's collection included oil paintings, Japanese samurai armor, and at least 1,000 leather-bound books embossed with the family coat of arms.
He was excited to one day pass on those heirlooms – the desk in particular – to his sister or daughter.
But two years ago, disaster struck. And von Hassell's story took a tragic turn that's all too common...
It shouldn't have been a big deal... Von Hassell fell ill and missed one of his monthly payments...
He didn't even realize it happened. That is, until the storage operator sent an e-mail confirming that he had moved out of the unit... along with a customer satisfaction survey and a chance to win a $100 gift card.
By then, it was too late. Von Hassell's belongings had been sold to the highest bidder.
Storage auctions like this happen often – whether it's from people who can no longer afford the monthly payments or from folks who just forget. Bidding usually starts at $10, and the units rarely go for more than a few hundred dollars.
But when bidders saw von Hassell's collection, they knew they'd struck gold. The unit sold for $2,850... a bargain, considering the desk alone is worth $39,000. That's not to mention its priceless sentimental value.
Von Hassell had no luck retrieving his heirlooms. Although he contacted the buyer, the man hung up on him immediately. He told the New York Times that he'd mostly accepted what happened.
The truth is, there wasn't much von Hassell could do. Storage units are big business... so big that operators can get away with evicting tenants with just a month's notice.
As sad as von Hassell's story is, the storage industry is an often-overlooked opportunity for investors...
This market was worth an estimated $57 billion as of 2023. And it's set for major growth in the coming years. Folks are always looking for places to put their extra stuff.
The Sunbelt in particular is sitting on a major tailwind. The South and Southwest are the fastest-growing regions in the U.S.
Austin is the only major metro area in the country to have grown by more than 20% since 2010. Phoenix, Arizona has grown almost 16%.
People are flooding into these areas. And they're bringing their clutter with them.
That's driving up demand for storage space at a breakneck pace. Operators with a strong foothold in fast-growing regions are already seeing the benefits.
Extra Space Storage, for example, has one of the biggest footprints in the South. Its occupancy rate is above 94%... even higher than it was a year ago.
Plus, most self-storage companies are structured as real estate investment trusts ('REITs')...
REITs are legally required to return at least 90% of their taxable income to shareholders. That translates to consistent dividend payouts... even in a market where income is hard to find.
Extra Space has grown its dividend from $2.24 per share in 2015 to $6.48 last year. That's a 4.6% dividend yield, way above the S&P 500 Index's 1.2% average. And it's not alone. Plenty of other self-storage REITs offer similar bang for your buck.
If you're looking to generate cash in a steady, growing industry, this is a space to watch.
Self-storage REITs in high-growth markets are turning this overlooked corner of real estate into a cash-gushing machine.
Regards,
Joel Litman
September 4, 2025