One parcel of Cougar Island at central Idaho’s Payette Lake was sold at auction for just over $2 million which is the appraised value.
The Idaho Department of Lands held an auction for the five parcel Cougar Island this week along with two non-lake front parcels at Payette Lake for deeded ownership during a public, oral auction in Eagle. Only two of the 7 parcels auctioned sold, the Cougar Island leased parcel and one of the non-lake front parcels.
For Cougar Island there was only one active bidder with the winning bidder being the current lessee. The bidder will have 30 to 60 days to close on the property with a possible 30-day extension.
In the meantime, IDL will evaluate the next step for the other parcels on the island. The goal remains maximizing the return on behalf of the endowment beneficiary.
The one non-lake property sold for $450,000, which is $50,000 above the appraised value.
The land sales generated $2,475,000 for the endowment fund that supports Public School endowment beneficiaries.
