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(Coeur d'Alene) - The Idaho Department of Lands (IDL) today sold eight endowment-owned lots at Priest Lake for deeded ownership during a public auction.
The public auction generated $11,404,720 which is $526,000 over the appraised value. Of the eight properties sold, only one had competitive bidding and seven had only one bid. The competitive bidding resulted in a 4.84% overall increase above the total appraised value of the properties.
All leased properties auctioned today had homes on them. The land is held in trust by IDL for the Public School Endowment beneficiary, but the cabins and other improvements on the land are owned by the leaseholders as personal property.
Four lessees successfully purchased their split estates. Non-lessees purchased the other four lots and will pay IDL the amount bid for the land and pay the lessee the appraised value of the personal property.
The Idaho Constitution requires a public auction for the sale of state endowment trust lands, and IDL can accept no less than the appraised value of the properties.
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Auction Results
Individual Lot Information
Links to photos and detailed information about each lot as listed on the Bottles Real Estate Auction website:
BACKGROUND
Under the direction of the Land Board, IDL manages 2.5 million acres of state endowment trust land held in trust for nine beneficiaries. The board is under a constitutional mandate to maximize long-term financial returns for the beneficiaries.
In 2010, the Land Board approved a plan to divest the state’s ownership of cottage sites over time. The Land Board authorized IDL to offer the remaining residential lake lots for auction through 2039. When available, IDL will be auctioning un-leased lots at both Priest and Payette Lakes.
Including today’s auction, 498 cottage sites have been sold, 337 lots at Priest Lake (312 leased and 25 unleased) and 161 lots at Payette Lakes (134 leased and 27 unleased) for a total of $277,122,345 for the endowments. There are currently 22 remaining leased lots at Priest Lake and 13 remaining leased lots at Payette Lakes.
Upon the transactions closing, the funds from the land sales will be deposited in the “Land Bank” and may be used to purchase new endowment land in Idaho or may go into a Permanent Fund to continue earning returns for the endowment beneficiaries. In May 2016, the Land Board approved the Strategic Reinvestment Plan and will consider strategic land acquisitions with the proceeds from the sale of cottage sites and commercial properties.
The Land Board is comprised of Idaho’s governor, secretary of state, attorney general, state controller, and superintendent of public instruction.
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