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IDL Cottage Sites Auction – Year In Review 2015

IDL Cottage Sites Auction – Year In Review 2015

In calendar year 2015, Corbett Bottles Real Estate Auctions along with Idaho Department of Lands (IDL) auctioned 95 state owned lots at Priest Lake and Payette Lake for $40,270,000. Since 2011, more than one-third of cottage sites have been sold for $79 million, overall $1.8 million more than appraised values.  Additional auctions for lots at both lakes are slated for 2016 and 2017 by Corbett Bottles Real Estate Auctions.  In a few months, IDL will ask the Land Board to approve a plan for the auction of even more lots after 2017. We’re carrying out the Land Board’s direction to divest the lots over time and reinvest the sales proceeds in other assets that produce greater financial returns for public schools and other endowment beneficiaries.

Break down of 2015 IDL Auction sales:
January 31 Auction: 32 Payette Lake lots for $13,470,000
August 28 Auction: 35 Priest Lake lots for $15.6 million
September 26 Auction: 8 Priest Lake lots for $4.2 million
November 13 Auction: 20 Payette Lake lots for $7 million

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