Idaho to auction 16 Priest Lake lots
An unleased lot on Powerline Road in Coolin that was auctioned by the Idaho Department of Lands. The lot was one of 16 lots auctioned off this weekend by the state.
(Courtesy photo)
PRIEST LAKE — The Idaho Department of Lands is auctioning off 16 state endowment-owned lots on Priest Lake appraised this weekend.
Valued at just over $9.6 million for deeded ownership, the lots will be sold at a public, oral auction on Saturday, Aug. 21, in Coeur d’Alene. The auction starts at 10 a.m. at the Best Western-Coeur d’Alene Inn.
Six lots of the lots are on vacant, unleased lots, with the remaining 10 lots are under lease with cabins on them.
The land is owned by the Idaho endowment beneficiaries, but 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 leaseholder must pay the leaseholder the appraised value of the home and personal property on the land at the time of the auction.
The Idaho Constitution requires a public auction for the sale of endowment lands managed by the State Board of Land Commissioners (Land Board) and IDL. The Land Board previously voted to auction the lots over time instead of continuing to lease them.
Detailed information about individual lots to be auctioned and how to participate are available online at corbettbottles.com/auction-of-cottage-sites-priest-lake-2021/. Photos and detailed information about each lot to be auctioned is available online at corbettbottles.com/current-auctions/?header=711/.
Under the direction of the Land Board, IDL manages more than 2.5 million acres of state endowment trust land under a constitutional mandate to maximize long-term financial returns to public schools and a number of other state institutions. The Land Board is comprised of Idaho’s governor, secretary of state, attorney general, state controller, and superintendent of public instruction.
In 2010, the board approved a plan to divest the state’s ownership of most cottage sites at both lakes over time. Board officials authorized IDL to offer most of the remaining residential lake lots for auction through 2024. Additionally, IDL will be auctioning un-leased lots at both lakes.