The Idaho Department of Lands (IDL) will auction 16 state endowment owned lots on Priest Lake appraised at $9,601,000 for deeded ownership during a public, oral auction on Saturday, August 21, in Coeur d’Alene. The auction starts at 10 AM (PT) at the Best Western-Coeur d’Alene Inn.
Six lots to be auctioned are vacant, unleased lots, 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.
WHAT: Priest Lake Cottage Site Lot Auction
WHEN: Saturday, August 21, 2021
TIME: 10 AM (PT)
WHERE: Best Western – Coeur d’Alene Inn
506 W. Appleway
Coeur d’Alene, ID 83814
Detailed information about individual lots to be auctioned and how to participate are available online at this link: http://corbettbottles.com/auction-of-cottage-sites-priest-lake-2021/
Photos and detailed information about each lot to be auctioned is available at this link:
BACKGROUND
Under the direction of the State Board of Land Commissioners (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 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. Additionally, IDL will be auctioning un-leased lots at both lakes.
