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Boise, ID – An auction was held today by Idaho Department of Lands (IDL) on three cottage site properties, however, no one registered to bid.
To date, 161 cottage site properties have been successfully sold at auction at Payette Lake, only 13 state endowment sites remain.
All properties today were leased and had homes on them. The land is held in trust by IDL for State Hospital South beneficiaries, but the cabins and other improvements on the land are owned by the leaseholders as personal property.
While IDL has confidence in the appraised value of the properties for auction today, each property is unique in location and design, and there is no way to determine why there was no interest at this particular time.
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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Links to photos and detailed information about each lot in the auction is 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 unleased lots at both Priest and Payette Lakes.
Including today’s auction, 488 cottage sites have been sold, 161 lots at Payette Lake (134 leased and 27 unleased) and 337 lots at Priest Lake (312 leased and 25 unleased) for a total of $277,122,345 for the endowments. There are currently 13 remaining leased lots at Payette Lake and 22 remaining leased lots at Priest Lake.
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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