The Idaho Department of Lands auctioned six endowment-owned lots at Payette Lake for deeded ownership during a public, oral auction Thursday in Eagle.
The land sales 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. 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 can be found here. (IDL)
