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Idaho auctions 59 Priest Lake lots for $29 million

Idaho auctions 59 Priest Lake lots for $29 million

(BOISE) – The Idaho Department of Lands (IDL) auctioned 59 state-owned lakefront lots on Priest Lake for deeded ownership during public, oral auctions Friday and Saturday in Coeur d’Alene. 

The land sales generated $29,066,040 for the endowment funds that support public schools.  The Idaho Constitution requires a public auction for the disposal of state endowment trust lands, and IDL can accept no less than the appraised value of the properties. 

A list of the auctioned lots and winning bids is attached.

Fifty-seven of the lots auctioned were leased and have cabins on them.  The land is owned by the State of Idaho, and the cabins and other improvements on the land are owned by leaseholders as personal property.  The current leaseholders applied to participate in the auction.  The auction was for land only on the leased lots. 

Fifty-five of the leased lots auctioned were purchased by the current leaseholder. Two of the leased lots auctioned were not purchased by the current leaseholder, but in those instances the current leaseholder did not bid on the lot.  Two of the lots auctioned were un-leased.  Another two un-leased lots were offered for auction but received no bids.  There was no competitive bidding on any of the lots auctioned.

Background

Under the direction of the State Board of Land Commissioners (Land Board), IDL manages more than 2.4 million acres of state endowment trust land under a constitutional mandate to maximize long term financial returns to public schools and a number of other State of Idaho institutions.

The Land Board is comprised of Idaho’s governor, secretary of state, attorney general, state controller, and superintendent of public instruction.

In 2010, the Land Board approved a plan to divest the state’s ownership of most cottage sites at both lakes over time. In February 2016, the Land Board approved a plan that enables remaining lessees of residential cottage sites at Priest Lake and Payette Lake to participate in auctions of the lots they lease before the end of 2019. Additionally, IDL will be auctioning un-leased lots at both lakes.

Including today’s auction, 335 cottage sites have been sold – 204 lots at Priest Lake (190 leased and 14 un-leased) and 131 lots at Payette Lake (115 leased and 16 un-leased) – for a total of $149,249,149 for the endowments. The funds from the land sales will be deposited in the “Land Bank” and used to purchase other lands in Idaho or they may go into a Permanent Fund, in order to continue earning returns for the endowment beneficiaries.

In May 2016, the Land Board approved the Strategic Reinvestment Plan and will consider strategic acquisitions of timberland and, on a more limited basis, farmland with the proceeds from the sale of cottage sites and commercial properties.

NEWS MEDIA CONTACT:
Sharla Arledge, Public Information Officer
208-334-0286 or pio@idl.idaho.gov

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