If I were in your position and could in any way get in touch with him. I would offer to resell the item, and that once it had been resold, send him a refund less the ebay fee and your fee for securing it on a pallet.
I am sure legally you'd be OK if you had his permission to sell it. Not sure what you can do without his authorization. Pretty sure you do not have to store it, but do not know what the law says.
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