Idaho to auction 16 Priest Lake lots Saturday

idl

The Idaho Department of Lands (IDL) will auction 16 state endowment owned lots on Priest Lake appraised at just over $9.6 million 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 and IDL.  The Land Board previously voted to auction the lots over time instead of continuing to lease them. (Idaho Department of Lands)

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