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Idaho auctions 20 Payette Lake lots for $7 million

Idaho auctions 20 Payette Lake lots for $7 million

Idaho Department of Lands  
November 13,2015  

Idaho auctions 20 Payette Lake lots for $7 million (BOISE) – The Idaho Department of Lands (IDL) auctioned 20 lots at Payette Lake for deeded ownership at a public auction in Boise today. The land sales generated $6,982,500 for the endowment fund that supports State Hospital South in Blackfoot and teacher education programs at Idaho State University and Lewis-Clark State College.  Seventeen of the lots sold today are under lease.  Most of the leased lots in today’s auction have cabins on them.  The land is owned by the State of Idaho and 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.  Fifteen of the leased lots sold to the current lessees.  However, for one leased lot the current lessee actively bid against another bidder and did not submit the winning bid.  That lot sold for $11,000 more than the appraised value of the lot.  For another leased lot, a current lessee did not bid on the lot he leases and it sold to another bidder.  For another leased lot, the current lessee actively bid against another bidder and did submit the winning bid.  That lot sold for $31,000 more than the appraised value of the lot.  For one lot that sold to someone other than the current lessee, the high bidder must pay the lessee for the appraised value of the home and personal property on the land.  For the other lot that sold to someone other than the current lessee, the high bidder does not have to pay anything to the current lessee because the lot was vacant and did not have a cabin or other personal property on it.  There was competitive bidding on three lots that are not under lease.  One unleased lot sold for $1,625,000 or $490,000 more than the appraised value of the lot.  Another unleased lot sold for $1,300,000 or $245,000 more than the appraised value of the lot.  A third unleased lot sold for $170,500 or $46,500 more than the appraised value of the lot.  One leased lot that was put up for auction received no bids – even from the current lessee – and another unleased lot was put up for auction but received no bids.  

A list of the auctioned lots and winning bids is attached.  http://www.idl.idaho.gov/news-media/2015-releases/11-13-2015-idaho-auctions-payette-lake-lots.pdf

In December 2014 the Land Board approved the auction of a total of 180 leased lots at Priest Lake and Payette Lake by the end of 2017.  Additionally, IDL will be auctioning unleased lots at both lakes over the next few years.  In 2010 the Land Board approved a plan to divest the State’s ownership of most of the cottage sites at both lakes over time, in order to reinvest the proceeds into assets that generate higher returns than the rent for the lots.  The funds from the land sales will be deposited in the “Land Bank” and used to purchase other lands in Idaho, such as timber lands, or they may go into a Permanent Fund.  The Idaho Constitution requires a public auction for the disposal of State endowment trust lands.  “Since 2011 – including today’s auction – Idaho has sold 189 lots or more than a third of its leased cottage site lots at Priest Lake and Payette Lake,” Director Tom Schultz said.  “The cottage site sales have generated more than $79 million for the endowment funds that supports Idaho’s public schools, State Hospital South in Blackfoot, and teacher education programs at Idaho State University and Lewis-Clark State College.  The Idaho Department of Lands is successfully implementing the direction from the Land Board to divest of the cottage sites and reinvest in assets that generate higher financial returns for the beneficiaries we serve.”  The IDL, under the direction of the Land Board, manages 2.4 million acres of State endowment trust land under a constitutional mandate to maximize long term financial returns.  

NEWS MEDIA CONTACT: Sharla Arledge Public Information Officer (208) 334-0286 or pio@idl.idaho.gov

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