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Please note: December 2 is a Thursday, not a Tuesday.
(BOISE) – The Idaho Department of Lands (IDL) will auction six state endowment owned lots on Payette Lake appraised at $3.4 million for deeded ownership during a public, oral auction on Thursday, December 2, 2021. The auction starts at 10 AM (MT) at the Waters Edge Event Center.
All lots to be auctioned are vacant, unleased lots and are located just south of Ponderosa State Park. Two of the lots are lake front and four lots are upland. There are no buildings located on any of the properties. The revenue from the auctioned sites will benefit both the Public School and Normal School endowment beneficiaries.
WHAT: Payette Lake Cottage Site Lot Auction
WHEN: Thursday, December 2, 2021
TIME: 10:00 AM (MT)
WHERE: Waters Edge Event Center
287 E. Shore Drive
Eagle, ID 83616
The Idaho Constitution requires a public auction for the sale of endowment land and it must be sold for no less than the appraised value. A cashier’s check is required the day of the auction in the amount of $53,000 to bid for lake front property, or $11,800 to bid for upland property. Detailed information about individual lots to be auctioned and how to participate are available online at this link: https://corbettbottles.com/idaho-dept-of-lands-auction-of-cottage-sites-payette-lake-2021/
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BACKGROUND
Under the direction of the State Board of Land Commissioners (Land Board), IDL manages about 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 of Idaho 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 Land Board approved a plan to divest the state’s ownership of most cottage sites at both lakes over time. The Land Board authorized IDL to offer most of the remaining residential lake lots for auction through 2024. As part of the approval, the Land Board authorized the disposition of these unleased lots.
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 with the proceeds from the sale of cottage sites and commercial properties.
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