The Idaho Department of Lands (IDL) sold five endowment-owned lots at Priest Lake for deeded ownership during a public auction. Three additional properties received no bids and did not sell.
The public auction generated $7,901,000. Each of the five properties sold had only one bid.
All leased properties auctioned have homes on them. The land is held in trust by IDL for State Public Schools beneficiaries, but the cabins and other improvements on the land are owned by the leaseholders as personal property.
One of the properties that sold was an unleased lot that also has a home on it.
Current leaseholders purchased 4 of the 5 sold lots, 1 of the lots was won by a non-lessee bidder. The winning non-lessee bidders will pay the amount bid for the land and the appraised value of the personal property, which is also owned by the endowment.
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.
