PL lots auctioned for $29 million

BOISE — The Idaho Department of Lands (IDL) auctioned 59 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 $29,066,040 for the endowment funds that support public schools.

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.

Fifty-seven 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. The current leaseholders applied to participate in the auction. The auction was for land only on the leased lots.

Fifty-five of the leased lots auctioned were purchased by the current leaseholder. Two of the leased lots auctioned were not purchased by the current leaseholder, but in those instances the current leaseholder did not bid on the lot.

Two of the lots auctioned were un-leased. Another two un-leased lots were offered for auction but received no bids.

There was no competitive bidding on any of the lots auctioned.

Including today’s auction, 335 cottage sites have been sold – 204 lots at Priest Lake and 131 lots at Payette Lake for a total of $149,249,149 for the endowments.

The funds from the land sales will be deposited in the “Land Bank” and used to purchase other lands in Idaho or they may go into a Permanent Fund, in order to continue earning returns for the endowment beneficiaries.

In May 2016, the Land Board approved the Strategic Reinvestment Plan and will consider strategic acquisitions of timberland and, on a more limited basis, farmland with the proceeds from the sale of cottage sites and commercial properties.