More than $8 million in bids for six endowment land lotsThursday December 2, 2021
(Boise) – The Idaho Department of Lands (IDL) auctioned six endowment-owned lots at Payette Lake for deeded ownership during a public, oral auction today in Eagle.
The land sales today generated $8.4 million which is nearly $5 million over the appraised value, for the endowment funds that support Public School and Normal School endowment beneficiaries.
“This auction affirms the strong demand for endowment real estate in the McCall area,” said IDL Director Dustin Miller. “On a per acre basis, these six lots on average sold for nearly $3.7 million per acre.”
All six properties were vacant, unleased lots with no buildings on the property. The largest upbid was for nearly $1.7 million over the appraised price.
The second largest lot offered at auction ended up selling for the highest price. This .43 acre parcel sold for $2.9 million. The largest percentage for an upbid was 471%, where the bidder paid $1 million for a non-lake front property appraised at $175,000.
A list of the auctioned lots and winning bids is attached here.
The Idaho Constitution requires a public auction for the disposal of state endowment trust lands, and IDL can accept no less than the appraised value of the properties.
Photos and detailed information about each lot auctioned today is available at this link: https://corbettbottles.com/idaho-dept-of-lands-auction-of-cottage-sites-payette-lake-2021/
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.
Including today’s auction, 469 cottage sites have been sold – 315 lots at Priest Lake (293 leased and 22 unleased) and 154 lots at Payette Lake (133 leased and 21 unleased) – for a total of $226,681,625 for the endowments.
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 and, on a more limited basis, farmland with the proceeds from the sale of cottage sites and commercial properties.
Idaho Department of Lands Public Information Officer