The Idaho Department of Lands will offer most of its remaining residential lake lots for auction in the next six years, along with some new unleased lots.
The Land Board approved updated plans for auctioning cottage sites at Priest Lake in northern Idaho and Payette Lake in west-central Idaho through 2024.
The state owns the land and lessees own the cabins and improvements on the land as personal property. Idaho also owns undeveloped, previously unleased lands at Payette Lake. The Land Board’s decision clears the path for IDL to offer an estimated 128 remaining cottage site lots after 2018, including 94 leased and eight unleased Priest Lake lots, and 26 leased Payette Lake lots.
The IDL will offer leased lots for auction only if current lessees apply to participate in a voluntary auction for ownership, giving them the chance to bid on the state-owned land beneath their privately owned homes. The Land Board also authorized IDL to auction 14 new lots at Payette Lake that were created through a platting process ten years ago.
The board in 2010 directed the department to start auctioning the cottage site lots after leasing them to individuals and families for decades. The Idaho Constitution requires an auction for the sale of endowment lands, which were granted to Idaho at statehood under a mandate to maximize long-term financial returns to public schools and other State institutions.
The IDL has auctioned 342 cottage site lots for more than $152 million since 2011.
Another auction of leased Priest Lake lots is scheduled for next month. (Idaho Dept. of Lands)
