State will auction 41 P. Lake lots
PRIEST LAKE — At a live, public auction Saturday in Coeur d’Alene, the Idaho Department of Lands will auction 41 state-owned waterfront lots on Priest Lake for deeded ownership.
The total value of the lots being auctioned is more than $19 million.
The auction starts at 10:30 a.m. at The Coeur d’Alene Resort Conference Center, 115 S. Second St.
All the lots to be auctioned have cabins on them and are under lease. The land is owned by the state of Idaho, and the cabins and other improvements on the land are owned by the leaseholders as personal property. The current leaseholders applied to participate in the auction. A high bidder other than the current lessee must pay the lessee the appraised value of the home and personal property on the land at the time of the auction.
There will be an auction of unleased lots in September.
The Idaho Constitution requires a public auction for the sale of endowment lands managed by the State Board of Land Commissioners and the Department of Lands. The Land Board previously voted to auction the lots over time instead of continuing to lease them.
Detailed information about bidding requirements and the individual lots to be auctioned is available by visiting http://bit.ly/28KRWQJ.