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Builder discovers 'Swiss Bank' gold stash in Bavaria

A construction worker has found a stash of "Swiss Bank" gold during demolition work in the Bavarian town of Passau. Authorities are investigating who can claim the gold worth nearly one million euros ($1.12 million).

In the picturesque South-eastern German town of Passau, a group of construction workers happened upon a stash of gold while performing demolition work.

Inscribed with the words "Swiss Bank," the gold bullion is expected to be worth just under a million euros ($1.12 million, spokeswoman for the Bavarian city told "Passauer Neue Presse," the German news agency DPA reported.

Twice in one week

22.11.2014 DW Hin & Weg Empfehlung Passau 2

The Bavarian town of Passau is also known as the "City of Three Rivers"

The discovery of gold at the construction site occurred twice in the same week, once on Wednesday and again on Friday, the first time of which was discovered by the construction worker.

Police authorities in Passau, also know as the "City of Three Rivers," confirmed on Saturday that the construction worker was a backhoe operator and could possibly lay claim to the gold.

The gold has been placed in the custody of the police while authorities determine who the owner of the precious property is.

It is still unclear whether more gold bullion is located at the construction site. Investigations by police are ongoing.

ls/ng (AFP, dpa)