Sources said that Balelo was found dead in his car on Monday. His car was parked, with the engine running in the garage at his auction house in Simi Valley, Calif.
Sources said that Balelo, arrested on Saturday, was upset when he was released. He apparently asked his fiancee to visit him as he was afraid he might hurt himself. She did, visiting him at the office of his auction house on Sunday. She left him Sunday evening, apparently feeling better.
However, one of Balelo's employees found his body on Monday morning.
According to Wikipedia, Balelo wasn't considered one of the "main buyers" on the show, but rather a featured, recurring buyer. He had appeared in seasons two and three.
A number of condolence messages for his family and friends have been posted to his Facebook page.
The premise of the show is that the buyers acquire and open up unpaid storage lockers. The "drama" comes from rare or interesting items that are discovered. Balelo was best known for returning a rare "Superman" comic book to actor Nicolas Cage, about a decade after it was stolen from him.
Recently, though, the reality of the reality TV show has come under scrutiny. In December of 2012, Dave Hester, a former cast member, filed a lawsuit against the show for wrongful termination.
In the filing, Hester claimed the series fakes its episodes, saying A&E, the show's network, "regularly plants valuable items or memorabilia." The suit also claimed the show manipulated the bidding process for the storage units.