The Idaho Department of Lands recently sold 10 endowment-owned lake front lots at Priest Lake for deeded ownership during a public auction that allowed participants to bid online or in-person.
The public auction generated more than $24.5 million which is more than $14 million over the appraised value. It included one parcel that was purchased at 779% over the appraised value by the lessee for $9.8 million. Of the 10 properties sold, seven had competitive bidding and three had only one bid. The competitive bidding resulted in a 134% overall increase above the appraised value.
The Idaho Constitution requires a public auction for the sale of state endowment trust lands, and IDL can accept no less than the appraised value of the properties.
