The Idaho Department of Lands auctioned 51 state-owned lakefront lots on Priest Lake for deeded ownership during public, oral auctions Friday and Saturday in Coeur d’Alene.
The land sales generated more than $25.5 million for the endowment fund that supports public schools. Competitive bidding on five of the lots drove up the bids more than$625,500 over the appraised value of the lots.
Fifty of the lots auctioned were leased and have cabins on them. The land is owned by the State of Idaho, and the cabins and other improvements on the land are owned by leaseholders as personal property.
Forty-six of the 50 leased lots auctioned were purchased by the current leaseholder.
The Idaho Constitution requires a public auction for the disposal of state endowment trust lands, and IDL can accept no less than the appraised value of the properties. (Idaho Department Of Lands)
