Unique endowment land auction brings in a sale price of $35.2 millionFriday June 11, 2021
(Boise) – Two adjacent agriculture college endowment parcels amounting to 282 acres adjacent to Caldwell’s Vallivue High School and Middle School sold today for $35.2 million, plus a buyer’s premium of $1,408,000 with a total cost to the buyer of $36,608,000.
The parcels are in one of the fastest-growing counties in Idaho and were expected to bring in competitive bids above the minimum appraised value of roughly $6 million. There were 12 bidders. The winning bidder was Endurance Holdings, LLC who bought both parcels, which are designated for low-density residential use in the City of Caldwell’s Future Land Use Map.
A broadcast-quality video of the final moments of the auction is available for viewing/download at: https://www.dropbox.com/s/ndcjx4r1sfyquwn/Video%20Jun%2011%2C%201%2043%2005%20PM.mov?dl=0.
Reason for the auction: The University of Idaho has leased the parcels for agricultural research purposes since the 1940s, but the University recently sold the training facility adjacent to the land. The preference was to reinvest in land that will facilitate a new Center for Agriculture, Food and the Environment (CAFE) located in the Magic Valley. The State Board of Land Commissioners agreed to the auction after determining that it would bring the highest net sales proceeds to the beneficiary. At statehood, Idaho was granted endowment land for the sole purpose of financially supporting specific institutions.
“This auction was incredibly valuable because the land was no longer supporting the University’s research facility and the revenue generated from the farm lease on the land was nominal,” said Josh Purkiss, Idaho Department of Lands Real Estate Services Bureau Chief. “It was the right time to sell this land in the best interest of the endowment beneficiaries.”
Bidders had to deposit $250,000 per parcel in cashier checks to qualify to bid at the auction. It was held Friday, June 11 at 12:30 p.m. at the Marriot Courtyard, located at 1789 South Eagle Road in Meridian, Idaho. Corbett Bottles Real Estate Marketing facilitated the auction.
Robbie Johnson – Idaho Department of Lands Public Information Officer