Homeless Man Can Keep $77,000 Found in Park

A homeless man in Texas who found a bag of money and coins worth $77,000 is entitled to keep the money after the city council voted to let him keep it.

Back in January, Timothy Yost was walking through Fisherman's Park in Bastrop, Texas, while he was heading to a spot along the Colorado River to wash up. During his walk he stumbled upon a bag that jingled when he kicked it. When Yost opened the bag he discovered a wad of bills along with 40 gold Krugerrand coins from South Africa, according to the Statesman.com.

According to a police report, Yost went to a local bank to exchange the bills and gold coins but was told by a bank teller that he would have to wait until the money dried. During that time the teller contacted local police who, following state law, confiscated the money and held it while they tried to locate the rightful owner.

After several unsuccessful months of locating the owner as well as checking with federal authorities to make sure the money was not involved in any illegal activities, the Bastrop City Council voted to allow Yost to legally claim the money as his own.

"It is a great day for Bastrop; it is a great day for Mr. Yost," attorney Aleta Peacock, who represented Yost, told the Statesman.com.

Peacock explained she would advise Yost, within the limits of the law, on how to protect his new found riches.

"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.

Bastrop Mayor Terry Orr was also optimistic that it will help Yost turn his life around.

"I hope this man can find some benefit in this; I hope it gives him an opportunity to change his particular circumstances," Orr told MSNBC.com.