The Idaho Department of Lands sold eight endowment-owned lots at Priest Lake for deeded ownership during a public auction.
The public auction generated more than $11.4 million which is $526,000 over the appraised value. Of the eight properties sold, only one had competitive bidding and seven had only one bid. The competitive bidding resulted in a 4.84% overall increase above the total appraised value of the properties.
All leased properties auctioned had homes on them. The land is held in trust by IDL for the Public School Endowment beneficiary, but the cabins and other improvements on the land are owned by the leaseholders as personal property.
Four lessees successfully purchased their split estates. Non-lessees purchased the other four lots and will pay the amount bid for the land and pay the lessee the appraised value of the personal property.
The Idaho Constitution requires a public auction for the sale of state endowment trust lands, and the Idaho Department of Lands can accept no less than the appraised value of the properties.
