The Idaho Department of Lands auctioned 16 endowment-owned lake front lots at north Idaho’s Priest Lake for deeded ownership during a public, oral auction in Coeur d’Alene on Saturday.
The land sales generated more than $13.1 million which is more than $3.5 million over the appraised value, for the endowment fund that supports public schools, with 5 properties selling for the appraised value and 11 selling with competitive bidding.
The Idaho Constitution requires a public auction for the disposal of state endowment trust lands, and the department can accept no less than the appraised value of the properties.
Ten properties auctioned had homes on them. The land is owned by endowment beneficiaries, and the cabins and other improvements on the land are owned by leaseholders as personal property. The auction was for the land only.
Current leaseholders purchased 8 of the 10 lots, 2 of the lots were won by non-lessee bidders. The winning non-lessee bidders will pay the amount bid for the land and the appraised value of the personal property, which will be reimbursed to the former lessees. (Idaho Department of Lands)
